SIGA Shares Drop on Contract Ineligibility Fears

FOXBusiness

Shares of SIGA Technologies (NASDAQ:SIGA) experienced a 23% drop on Monday following a ruling that could make its government contracts ineligible.

SIGA announced it will appeal the Small Business Administration ruling, or face losing biodefense contracts worth as much as $2.8 billion. The ruling by the SBA said SIGA was not a small business, following complaints by its rival Chimerix.

Continue Reading Below

SIGA announced in October that it was chosen by the Department of Health and Human Services to supply 1.7 million courses of a smallpox drug  worth $500 million in revenue for the national stockpile.

What do you think?

Click the button below to comment on this article.