SIGA Technologies (NASDAQ:SIGA) stock is soaring higher on Friday after the pharmaceutical company secured a government order.
That order comes from the U.S. Department of Health and Human Services. It covers $113 million worth of oral TPOXX treatment courses and $25 million worth of IV TPOXX treatment courses. That brings the total value of the order to $138 million.
SIGA says that it will deliver the full $113 million of TPOXX during 2023. Following that, the company will start delivery of the $25 million worth of IV TPOXX in 2024. The company notes it’s already delivering IV TPOXX under a prior order and will continue to do so in 2023.
Phil Gomez, CEO of SIGA Technologies, said the following about the government order news:
“Building on the orders SIGA received for TPOXX from 13 international customers and the U.S. Department of Defense in 2022, these most recent procurement orders further highlight that many global leaders in public heath recognize the importance of orthopoxvirus preparedness and the need to take action to keep people safe.”
How This Affects SIGA Stock
Investors are celebrating today’s order news and that has shares of SIGA stock seeing heavy trading on Friday. As of this writing, more than 2 million shares have changed hands. That’s already well above its daily average trading volume of about 653,000 shares.
SIGA stock is up 30.7% as of Friday morning.
Investors looking for even more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (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.
