OCGN - Why Co-Diagnostics Ocugen and Sorrento Stocks Are Sinking This Week
The last week of the year is turning out to be a rough one for many COVID-19 related stocks. Shares of Co-Diagnostics (NASDAQ: CODX) were sinking 12.4% for the week as of the market close on Thursday. Ocugen (NASDAQ: OCGN) was down 5.5% after plunging as much as 19.2% earlier in the week. And shares of Sorrento Therapeutics (NASDAQ: SRNE) were falling 12%. All of these declines are based on data from S&P Global Market Intelligence .
There's probably one common denominator behind the pullbacks for these stocks. Investors appear to believe that the demand for COVID tests, therapies, and vaccines could decline in 2022 and beyond.
Why would that sentiment exist when COVID cases are rising in the U.S. and in other countries? For one thing, the coronavirus omicron variant seems to be less severe than previous strains despite being more transmissible. Oxford University immunologist John Bell even stated that COVID resulting from infection by omicron is "not the same disease we were seeing a year ago" due to significantly lower death rates in the U.K.
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Why Co-Diagnostics, Ocugen, and Sorrento Stocks Are Sinking This Week