Why SIGA Technologies Stock Is Soaring Today

SIGA Technologies Inc SIGA shares are trading higher Monday morning after the World Health Organization (WHO) declared monkeypox a public health emergency of global concern.

The rare designation is the highest alert level the WHO uses and shows that the organization believes a quick international response is necessary to stop the spread of the virus from escalating further. 

There have been 16,000 reported monkeypox cases from 75 countries and territories, and five deaths, according to a statement from WHO Director General Tedros Adhanom Ghebreyesus over the weekend.

"Although I am declaring a public health emergency of international concern, for the moment this is an outbreak that is concentrated among men who have sex with men, especially those with multiple sexual partners," the director general said.

"That means that this is an outbreak that can be stopped with the right strategies in the right groups."

SIGA Technologies is a commercial-stage pharmaceutical company focused on the health security market. The company's lead product is TPOXX, an orally administered antiviral drug for the treatment of human smallpox disease caused by the variola virus. Monkeypox is in the same virus family as smallpox, but it causes milder symptoms.

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SIGA Price Action: SIGA has traded between $15.79 and $5.84 over a 52-week period.

The stock was up 24.2% at $15.10 at press time, according to data from Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.