Siga Technologies (NASDAQ:SIGA) Shares Cross Above 50-Day Moving Average - Here's What Happened

Key Points

• Siga Technologies shares rose above their 50-day moving average, reaching $3.24 before last trading at $3.20, up 1.6%. The stock’s 50-day average is $3.18, compared with a 200-day average of $4.45.
• Investor sentiment remains negative: Weiss Ratings downgraded the stock’s “sell” rating, and the sole analyst covering SIGA also rates it “Sell.”
• Institutional ownership stands at 55.4%, with BlackRock initiating a roughly $15.2 million position and several other major investors increasing their holdings.

Siga Technologies Inc. (NASDAQ:SIGA - Get Free Report)'s share price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $3.18 and traded as high as $3.24. Siga Technologies shares last traded at $3.20, with a volume of 409,254 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Siga Technologies from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has an average rating of "Sell".

Siga Technologies Trading Up 1.6%

The firm has a 50-day moving average price of $3.18 and a 200-day moving average price of $4.45. The company has a market capitalization of $229.92 million, a price-to-earnings ratio of -64.00 and a beta of 1.04.

Siga Technologies (NASDAQ:SIGA - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.17 earnings per share for the quarter. The firm had revenue of $41.00 million during the quarter.

Hedge Funds Weigh In On Siga Technologies

Several large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Siga Technologies in the 2nd quarter worth approximately $15,238,000. Dimensional Fund Advisors LP raised its holdings in shares of Siga Technologies by 6.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,702,724 shares of the company's stock worth $14,459,000 after purchasing an additional 165,930 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Siga Technologies by 48.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,525,960 shares of the company's stock valued at $8,164,000 after purchasing an additional 500,880 shares during the last quarter. First Wilshire Securities Management Inc. lifted its stake in Siga Technologies by 30.2% during the first quarter. First Wilshire Securities Management Inc. now owns 890,498 shares of the company's stock valued at $4,764,000 after purchasing an additional 206,445 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Siga Technologies by 25.6% during the first quarter. Renaissance Technologies LLC now owns 475,013 shares of the company's stock valued at $2,541,000 after purchasing an additional 96,913 shares during the last quarter. Institutional investors own 55.40% of the company's stock.

About Siga Technologies

SIGA Technologies, Inc is a commercial-stage pharmaceutical company focused on developing and supplying medical countermeasures for high-consequence infectious diseases. Its primary product is TPOXX (tecovirimat), an antiviral medicine developed to treat smallpox. TPOXX targets orthopoxviruses, the virus family that includes variola virus, which causes smallpox, as well as mpox and other related infections.

TPOXX has been approved by the U.S. Food and Drug Administration in oral and intravenous formulations for the treatment of smallpox.

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