Why SIGA Technologies Shares Are Trading Higher Today?

The FDA approved the intravenous (IV) formulation of SIGA Technologies Inc's SIGA TPOXX for smallpox.
The oral formulation of TPOXX (tecovirimat) is approved in the US, Canada, and Europe to treat smallpox.
The European approval also includes the treatment of monkeypox, cowpox, and complications from immunization with vaccinia.
The IV formulation of TPOXX was cited in the recent U.S. president's budget request as being used to treat a patient in the U.S. with monkeypox.
Related: What Is Monkeypox Virus That Is Spreading in Europe, US.
Siga Technologies had received requests to use its smallpox drug to treat monkeypox, its chief executive officer told Reuters on Thursday, as cases spread in parts of Europe.
CEO Phil Gomez said that there had been no deliveries yet, but the company was "well-positioned" in terms of supply.
"As you can imagine with the outbreak in Europe, we have received requests and we are responding to those as we can. We're engaged with our colleagues in Europe about the best way to support that response," Gomez said, without disclosing details on the requests.
Price Action: SIGA shares are up 15.70% at $8.55 during the market session on the last check Thursday.