There’s no getting around it: it’s all about that $15 resistance level for folks who own Ocugen (NASDAQ:OCGN) shares. Frustratingly, OCGN stock bumped its head against that price point in February, and then again in May.

It’s a legitimate question: how are the buyers finally going to get a sustainable rally going? Without a doubt, your patience is being tested if you’re a long-term investor in Ocugen.

Don’t fret, though, as a make-or-break moment might be just around the corner. As it turns out, an all-important development appears to be in the works for Ocugen’s Covid-19 vaccine candidate.

Perhaps the company’s progress in the United States — or lack thereof — has disappointed some investors. Yet, I invite you to consider what’s happening abroad — after all, Covid-19 isn’t limited to one country.

A Closer Look at OCGN Stock

Here’s a question to ponder. Is it possible that Reddit traders precipitated OCGN stock’s two previous rallies to $15?

It’s certainly a possibility. Bear in mind that in early 2021, and then again during the summer, the short-squeeze mob was highly active.

I suppose that one could buy OCGN stock in hopes of another Reddit-fueled run-up. However, that doesn’t seem like a sensible investment strategy.

Interestingly, the Ocugen share price went absolutely nowhere from June to mid-September. The $7.50 price point has been an irresistible magnet, it seems.

On the other hand, there’s an old saying in the financial markets: the longer the base, the higher in space.

Hence, there could be a moonshot in store for OCGN stock. In other words, could a news-based catalyst get the stock on a launching pad soon?

Another Path to Success

Just to give you a quick primer, Ocugen’s Covid-19 vaccine candidate is known as Covaxin.

The company is developing this drug with a partner called Bharat Biotech.

Unfortunately for the company’s stakeholders, Ocugen issued a press release on June 10, declaring that it would no longer pursue an emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for Covaxin.

Surely, that development was disappointing for loyal OCGN stock investors. In the U.S., FDA approval is everything for drugmakers.

This wasn’t the end of the road for Ocugen, though. The company still intended to pursue submission of a biologics license application (BLA) for Covaxin.

At the same time, OCGN stock holders don’t have to pin their hopes entirely on FDA approval for Covaxin.

According to a fresh report, it appears that a different entity than the FDA may give the nod to Ocugen and Bharat’s potentially life-saving vaccine candidate.

Hoping for International Recognition

Turning our attention to India, N. K. Arora, chairperson of the country’s Covid-19 Working Group, recently provided some encouraging news.

Apparently, Covaxin may soon receive an Emergency Use Listing (EUL) by the World Health Organisation (WHO).

“We hope that Covaxin production will be ramped up in the coming weeks… Hopefully, the vaccine should be given international recognition so that people travelling abroad have less difficulty,” Arora posited.

By “recognition,” I assume that Arora means something like credibility. It’s easy to imagine that an EUL from the WHO would bolster Covaxin’s profile — not only in India, but globally.

Could that, if it happens, lead to a regulatory domino effect? Would an FDA green light come on the heels of the WHO’s seal of approval?

Only time will tell, but at least there’s a sense of anticipation now — and possible catalyst event in sight.

The Bottom Line on OCGN Stock

Waiting around for the Reddit short-squeeze mob to lift OCGN stock above $15 isn’t necessarily a viable strategy.

Instead, you can keep tabs on the developments with Covaxin — this is where informed Ocugen investors should be focused.

And if Covaxin isn’t approved soon in the U.S., it’s not the final blow for Ocugen. Indeed, there are other paths to pursue, in other geographies.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.