Why Is Sharps Technology (STSS) Stock Up 21% Today?


  • Sharps Technology (STSS) stock is up on Thursday after signing a $30 million deal.
  • This has it supplying Nephron Pharmaceuticals with specialty copolymer prefillable syringes.
  • That brings with it heavy trading of the company’s shares today.
STSS Stock - Why Is Sharps Technology (STSS) Stock Up 21% Today?

Source: shutterstock.com/Michele Ursi

Sharps Technology (NASDAQ:STSS) stock is up on Thursday after the medical device company announced a $30 million purchase order for its specialty copolymer prefillable syringes.

Sharps Technology says this purchase order comes from Nephron Pharmaceuticals. It also notes that this $30 million order represents its first 12 months of syringe purchase commitments.

The Sharps Technology order includes both 10mL and 50mL syringes. These will be manufactured at the company’s factory in West Columbia. It’s worth noting this location is being acquired by Sharps Technology from Nephron Pharmaceuticals.

Sharps Technology CEO Robert Hayes said the following about the deal:

“Once the enhanced deal with Nephron was negotiated and signed, everything began moving at an accelerated pace. Sharps is so pleased that Nephron has been willing to issue this Purchase Order now. It speaks to the collaborative relationship between our companies and the long partnership we want to have with Nephron.”

What’s Next for STSS Stock?

This is only the first of a series of orders that the two companies have planned. Sharps Technology says it should close a deal with Nephron for $200 million and five years by the end of next month.

STSS stock is up 20.5% as of Thursday morning. That comes with some 88 million shares traded. The company’s daily average trading volume is about 8.7 million units.

Investors will want to keep reading for more of the most recent stock market news!

We have all of the latest stock market stories traders need to know about on Thursday! A few examples include what’s going on with shares of Virgin Galactic (NYSE:SPCE) stock, Occidental Petroleum (NYSE:OXY) stock and BioRestorative Therapies (NASDAQ:BRTX) stock today. All of this info is ready to go at the following links!

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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.

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