Siga Technologies (NASDAQ:SIGA) is shooting higher today as the World Health Organization (WHO) declared the monkeypox outbreak a global health emergency over the weekend. In addition, President Joe Biden’s administration is considering a public health emergency declaration in response to the monkeypox outbreak. Consequently, the buyers are taking control of SIGA stock and some other vaccine stocks.
Siga Technologies isn’t often the focus of attention on StockTwits and other social media platforms. However, today is different because of recent developments concerning the monkeypox virus.
Not one, but two developments hit the headlines concerning this virus. First, the Biden administration is reportedly considering declaring the monkeypox outbreak a public health emergency. Nothing is finalized at the time of this writing, however. According to Ashish Jha, the White House Covid response coordinator, “There’s no final decision on this that I’m aware of. … It’s an ongoing, but a very active conversation at” the Department of Health and Human Services (HHS).
Furthermore, the WHO has officially declared the monkeypox outbreak a global health emergency. This doesn’t happen often. In fact, the last time the WHO issued a global health emergency was back in January 2020, in response to Covid-19.
What’s Happening With SIGA Stock?
In light of these developments, you might expect some vaccine stocks to move higher. Yet, the buying pressure has been quite strong for certain stocks in this category.
By 10:30 a.m. Eastern, SIGA stock was up 20%. Meanwhile, Bavarian Nordic (OTCMKTS:BVNRY) stock rallied 6%, and GeoVax Labs (NASDAQ:GOVX) stock rose 70%.
These aren’t pharmaceutical giants. For example, Siga Technologies has fewer than 100 full-time employees. Also, the aforementioned vaccine stocks are fairly low-priced, which allows for outsized price moves percentage-wise.
Thus, from adversity can come opportunity for risk-tolerant biopharmaceutical stocks traders. Just brace for volatility, as event-driven price moves in SIGA stock and other vaccine stocks can create fast wealth and then take it away just as quickly.
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.