|SIGA rises on $7.7 million grant award|
|By Staff and Wire Reports|
|Wednesday, 24 August 2011 10:22|
The Chairman and Chief Executive Officer of the the company specializing in the development of pharmaceutical agents to fight bio-warfare pathogens, Dr. Eric A. Rose commented, "This grant is a continuation of our vibrant, long-term relationship with NIH, and it highlights the strength and diversity of our drug development program."
Dr. Dennis Hruby, SIGA's Chief Scientific Officer, added, "This grant is similar to the $6.5 million grant for dengue fever drug development awarded to SIGA in May in that both grants are expected to fund development activities that will lead to an investigational new drug application ("IND") that SIGA can file with the FDA."
Shares of SIGA Technologies have been in a downtrend since June 14, 2011 when shares were at $11.23. The stock has fallen 51.3% since that time. Shares are currently up $0.27 (+5.08%) to $5.58 on the news.
Director Paul Savas, an insider at the company recently purchased $62,900 worth of stock in the open market. Analyst opinion on the stock shows that it has one of the highest upside potentials in the sector at 281.9%. Its consensus target price is $19.25 based on the average of all estimates.
In other news, shares of SANUWAVE (OTCBB:SNWV) continue to climb after we first told our premium subscribers about the company on Monday. As reported yesterday, the company's disruptive new medical device technology is under FDA review for approval. If approved, the small biotech could become one of the leaders in the emerging field of regenerative medicine - not by harvesting or employing stem cells or creating living tissues, but by using its highly effective, non-invasive medical devices to activate a biological response for the repair and regeneration of tissue, musculoskeletal and vascular structures.The firm's patented medical device technologies are set to address multiple large healthcare markets, exceeding $10 billion in total. Shares of the low-float stock are up another $.05 (+1.56%) to $3.25 in early trading. The stock has a $6 price target from analysts.
Here is a look at some of the other mid-day movers in healthcare on Wednesday: