Cosmos Health (NASDAQ:COSM) stock is on the rise Friday after the pharmaceutical company secured a distribution agreement with Pharmalink.
This agreement has Pharmalink acting as the exclusive distributor of Cosmos Health’s Sky Premium Life products in the United Arab Emirates (UAE). Cosmos Health already has a 130,000 purchase order from Pharmalink and expects to deliver over 500,000 units in the first year.
Greg Siokas, CEO of Cosmos Health, said the following about the agreement with Pharmalink:
“This partnership will enable us to launch our Sky Premium Life products dynamically in the UAE, especially in affluent markets such as Dubai and Abu Dhabi. We project receiving purchase orders exceeding 3 million units over the next five years and look forward to expanding our collaboration with Pharmalink.”
How This Affects COSM Stock
With today’s distribution agreement comes heavy trading of COSM shares. That has more than 12.4 million units changing hands. This is well above its daily average trading volume of about 180,000 shares.
COSM stock is up 64.7% as of Friday morning. However, the stock was down 50.4% year-to-date when markets closed yesterday.
Investors who are on the lookout for even more of the most recent stock market stories are in luck!
We have all of the hottest stock market news available on Friday! Among that is why shares of African Agriculture (NASDAQ:AAGR) stock are up this morning, the biggest pre-market stock movers today and more. You can find more of that news at the links below!
More Stock Market News for Friday
- Why Is African Agriculture (AAGR) Stock Up 55% Today?
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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.
