Coronavirus Stocks resume Uptrend as WHO Raise Concerns
The breakout of the coronavirus has been one of the biggest healthcare threats in recent times, and it has also become an opportunity for certain companies that might be working towards tackling the issue. On Monday, the stocks of medical supply companies, vaccine manufacturers, and diagnostic firms rallied once again as concerns regarding coronavirus continued to grow. The World Health Organization stated that an abrupt rise in the number of cases outside China is a cause for deep concern.
As many 220 cases of the coronavirus have been reported in Italy, and on Monday, five people had died as well. On the other hand, the total number of cases in South Korea now stands at 830, and the tally in Iran is now 61. 12 people have died from the virus in Iran as well.
Hence, it is no surprise that stocks that could be related to tackling the coronavirus have rallied. Some of the stocks that made notable gains include NanoViricides Inc (NYSEAMERICAN:NNVC) (up by 38.40%), Lakeland Industries, Inc. (NASDAQ:LAKE) (up by 7%) Allied Healthcare Products Inc
(NASDAQ: AHPI) (up by 27.24%) and Vaxart Inc (NASDAQ: VXRT) (up by 17.50%). Investors could keep an eye on these stocks for the rest of the week.
In order to tackle the situation, the United States has allocated as much as $1.25 billion by way of emergency funding. It is part of a wider effort to pump in as much as $2.5 billion to tackle the epidemic that seems to be growing with each passing week. Considering the scale of the problem and the money that is going to be spent by governments, it could be a massive opportunity for companies that are working on finding a solution.
coronavirus stocks to watch
The latest outbreaks outside China have resulted in deep losses in the stock markets as investors fear that the epidemic might have a highly negative economic effect. However, the stocks of companies involved with tackling the problem could keep rising.
Source: Stock Market Press
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