SIGA - Why SIGA Technologies Stock Fell 31.7% in September
SIGA Technologies (NASDAQ: SIGA) , a pharmaceutical company that specializes in health security countermeasures against biological, chemical, radiological, and nuclear attacks, along with vaccines and therapies to treat emerging infectious diseases, saw its shares fall 31.7% in September, according to data from S&P Global Intelligence . The stock closed out August at $15.08, then fell to a low of $9.95 on Sept. 23. SIGA has a 52-week low of $5.84 and a 52-week high of $26.99. The stock is still up more than 35% this year.
The company manufactures TPOXX (tecovirimat), a vaccine against monkeypox. On Sept. 19, the Food and Drug Administration (FDA) said that the vaccine, initially developed to prevent smallpox, should be restricted to only those patients with severe monkeypox disease or at high risk of severe cases of monkeypox, including people with weakened immune systems or skin conditions, such as eczema or HIV that is not virally suppressed.
The recommendation thus limits the target audience for the vaccine. On top of that, according to data from the Centers for Disease Control and Prevention (CDC), cases of monkeypox, after peaking at the end of August, have declined, which also could cut into TPOXX profits.
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Why SIGA Technologies Stock Fell 31.7% in September