Why SIGA Technologies Stock Is Surging

SIGA Technologies Inc SIGA shares are trading higher Monday morning following increased social media interest amid elevated concerns surrounding a monkeypox outbreak. 

Monkeypox cases have continued to pop up in recent days. President Biden on Sunday warned that the spread of monkeypox to at least 12 countries is something that people should be concerned about. The United States is looking into which vaccines might be available to protect people from further spread.

On May 12, SIGA Technologies was awarded a contract by the U.S. Department of Defense to produce approximately $7.5 million of Tecovirimat (Tpoxx), an antiviral for orthopoxviruses such as smallpox and monkeypox.

Related Link: 6 Stocks To Watch Amid Monkeypox Outbreak

The U.S. Food and Drug Administration on Thursday approved the intravenous formulation of Tpoxx for the treatment of smallpox. The oral formulation of Tpoxx is approved in the U.S., Canada and Europe for the treatment of smallpox. The European approval also includes the treatment of monkeypox and cowpox.

SIGA Technologies was the top trending ticker on Stocktwits at press time. The stock is also seeing increased interest on the Subreddit r/wallstreetbets, according to data from Benzinga Pro.

SIGA Price Action: SIGA Technologies shares are making new 52-week highs on Monday.

The stock was up 18.1% at $14.65 at press time.

Photo: Belova59 from Pixabay.