SIGA Technologies (NASDAQ:SIGA) stock is sliding on Wednesday as the pharmaceutical company trends with recent monkeypox news.
That drop is despite the U.S. Department of Health and Human Services agreeing to purchase $26 million worth of its monkeypox treatment. This comes from the Biomedical Advanced Research and Development Authority (BARDA) exercising procurement options.
Phil Gomez, CEO of SIGA Technologies, said the following about the monkeypox news.
“The exercised options are among many procurement options under the 19C contract that remain to be exercised and, as such, we will continue to coordinate with the U.S. government toward future procurements of oral TPOXX and IV TPOXX.”
SIGA Stock Is Still Up Year-to-Date
While that announcement should be a catalyst for SIGA stock, shares are sliding today. Also, the stock isn’t seeing much trading volume. Only about 5 million shares have been traded as of this writing. That’s still well below the company’s daily average trading volume of around 16.8 million shares.
Even with SIGA stock dropping 2.6% as of Wednesday afternoon, it’s not been a bad year for the company. Shares of the pharmaceutical company’s stock are currently up 189.9% since the start of the year.
Investors looking for more of the hottest stock market news today are in luck!
InvestorPlace has traders covered with our breakdown of Wednesday’s biggest stock market news! A few examples include what has solar stocks moving, why shares of Redbox (NASDAQ:RDBX) stock are falling, as well as what has Plug Power (NASDAQ:PLUG) stock heading higher today. You can find out all about these matters by checking out the following links!
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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.