Why Cosmos Health Shares Are Exploding Higher

Cosmos Health Inc COSM shares are trading higher by 19.43% to $5.84 Tuesday afternoon after the company announced a $3 million share repurchase program.

Cosmos Health says the repurchase program will be funded using the company's working capital. As of December 31, 2022, the company had cash, cash equivalents and marketable securities of approximately $21 million, of which the company says is unaudited.

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Greg Siokas, Chief Executive Officer of Cosmos Health in statement noted: "This investment reflects our confidence in the Company's operating fundamentals and growth prospects. We believe that this stock repurchase program demonstrates our continued commitment to deliver long-term shareholder value."

According to data from Benzinga Pro, Cosmos Health has a 52-week high of $98.00 and a 52-week low of $1.69.