RAD - SIGA Stock Rises After Announcing $13 Million Worth of Orders for Smallpox Drug
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SIGA Technologies (NASDAQ:SIGA) stock is heading higher on Thursday after the company announced $13 million worth of TPOXX orders.
TPOXX is the company’s oral treatment for smallpox. Interest in the drug is increasing as countries around the world are preparing for a monkeypox outbreak. The treatment was approved by the U.S. Food and Drug Administration (FDA) in 2018 in case of a potential outbreak or bioterror attack.
According to a press release from SIGA Technologies, the $13 million includes $11 million for initial procurement from two new international jurisdictions. The remaining $2 million in orders comes from an Asia Pacific country that already has a contract for TPOXX.
Phil Gomez, CEO of SIGA Technologies, said the following about the orders for its smallpox drug.
“We expect a portion of the courses of oral TPOXX delivered under these orders will be used for the treatment of active monkeypox cases and represent a first step in the response to this outbreak by the global public health community.”
SIGA stock is also seeing heavy trading Thursday morning following the smallpox drug order news. As of this writing, roughly 8.7 million shares of the stock had changed hands. That’s incredibly close to passing its daily average trading volume of about 8.9 million shares.
SIGA stock is up 5.1% as of Thursday morning. The stock is also up 71.6% since the start of the year.
Investors looking for more recent stock market news are in luck!
We’ve got all the latest stock market news worth checking out for Thursday! A few examples of that include Chinese stocks on the move, Rite Aid (NYSE:RAD) stock jumping on earnings, and an update on the Kohl’s (NYSE:KSS) acquisition. You can find all of this news at the following links!
More Thursday Stock Market News
- Why Are Chinese EV Stocks NIO, LI, XPEV Climbing Higher Today?
- Rite Aid (RAD) Stock Pops on Q1 Revenue Beat
- KSS Stock Alert: 10 Things to Know as Franchise Group Considers Lowering Its Bid for Kohl’s
On the date of publication, William White 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.
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