TRUP - Why Trupanion Stock Fetched a 39% Gain Today
On a day when Wall Street is getting a relief rally as investors reassess a possibly less severe Omicron variant, pet insurance outfit Trupanion (NASDAQ: TRUP) is up a whopping 39% as of 2:10 p.m. ET. The general uptick in stocks is the sideshow today for this stock. The big news is that pet e-commerce leader Chewy (NYSE: CHWY) is making its foray into pet insurance, and has decided to partner with Trupanion to do so. Chewy stock was also up over 3% on the news.
Image source: Getty Images.
Chewy will offer its some 20 million customers access to wellness and insurance plans for accidents, illnesses, and chronic conditions for dogs and cats. Plans will be available for purchase directly on Chewy.com starting in spring 2022, and Chewy will make use of Trupanion's software to pay veterinarians directly to reduce out-of-pocket expenses for pet parents.
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Why Trupanion Stock Fetched a 39% Gain Today