Pharmaceutical Companies See Stocks Jump After News Of First Ebola Case In US
International Business Times
Published Sep 30, 2014 06:28PM ET
Updated Sep 30, 2014 07:00PM ET
Pharmaceutical Companies See Stocks Jump After News Of First Ebola Case In US
By Kathleen Caulderwood - Stocks of pharmaceutical companies such as Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR), Glaxosmithkline (NYSE:GSK) and Sarepta Therapeutics Inc (NASDAQ:SRPT) rose significantly on Tuesday after the Centers for Disease Control and Prevention confirmed the first case of Ebola in the United States at a hospital in Dallas, Texas.
These firms, many of which have been working on Ebola research, thanks to millions of dollars of funding from the U.S. government, have already seen their stock grow stronger as the Ebola outbreak in West Africa continues. The deadly virus has killed more than 3,000 people in Sierra Leone, Guinea and Liberia in the largest outbreak ever recorded.
When news of the American patient broke Tuesday afternoon, Tekmira Pharmaceuticals Corp. stock jumped jumped 26.6 percent between 4:35 p.m. and 5:35 p.m.
The Canadian firm has been working with the U.S. Department of Defense to develop its TKM-Ebola treatment, which has emerged as one of the leading drug candidates for use in the current outbreak.
Sarepta Therapeutics also saw an 11.3 percent increase in after-hours trading. NewLink Genetics Corporation stock jumped 16 percent. GlaxoSmithKline, which is also at the forefront of Ebola research, also saw a slight increase.
The U.S. government has spent millions of dollars on grants and contracts to biopharmaceutical research companies to research Ebola for more than a decade.
Get The News You Want
Written By: International Business Times
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.