UWMC - Why Ocugen and UWM Soared While the Stock Markets Went Nowhere
The stock market continued to see volatility on Wednesday morning, as investors continued to second-guess the big rally on Monday. Long-term interest rates kept moving higher, and although that's potentially good news for some parts of the market, it rained on the parade of high-flying growth stocks that have benefited greatly from cheap access to capital in recent years. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 93 points to 31,485. However, the S&P 500 (SNPINDEX: ^GSPC) fell 12 points to 3,858, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost another 113 points to 13,245.
Even though the markets were choppy, some stocks moved sharply higher. Ocugen (NASDAQ: OCGN) got some good news in its efforts to battle the COVID-19 pandemic, while UWM Holdings (NYSE: UWMC) kept moving higher as it sustained momentum from strong performance earlier in the week.
Shares of Ocugen were up 35% on Wednesday morning. As we've seen from the small biotech stock in recent weeks, Ocugen's fortunes are now almost entirely tied to those of its partner and their COVID-19 vaccine candidate.
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Why Ocugen and UWM Soared While the Stock Markets Went Nowhere