SIGA Technologies (NASDAQ:SIGA) shares rise 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 growing as countries around the world prepare for an outbreak of monkeypox. The treatment was approved by the US Food and Drug Administration (FDA) in 2018 in the event of a potential outbreak or bioterrorism attack.
According to a press release from SIGA Technologies, the $13 million includes $11 million for initial sourcing from two new international jurisdictions. The remaining $2 million in orders come from an Asia-Pacific country that already has a contract for TPOXX.
Phil Gomez, CEO of SIGA Technologies, had the following to say about orders for his smallpox drug.
“We expect that a portion of the oral TPOXX courses delivered under these orders will be used for the treatment of active cases of monkeypox and will represent a first step in the global health community’s response to this outbreak. public.”
SIGA stock is also seeing intense trading on Thursday morning after the smallpox drug order was announced. As of this writing, approximately 8.7 million shares have changed hands. That’s incredibly close to surpassing its average daily trading volume of around 8.9 million shares.
SIGA stock is up 5.1% on Thursday morning. The title is also up 71.6% since the start of the year.
Investors looking for more recent stock market news are in luck!
We have all the latest stock market news to check for Thursday! Some examples of this include moving Chinese stocks, Ritual Aid (NYSE:GDR) stock jumping on earnings, and an update on the Kohls (NYSE:KSS) acquisition. You can find all these news on the following links!
More Thursday stock market news
As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.