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Hazmat-suit maker's shares jump on Ebola ordersFont size: A | A | A
12:48 PM ET 10/30/14 | MarketWatch
By Russ Britt, MarketWatch
LOS ANGELES (MarketWatch) -- Reports that Lakeland Industries has booked 1 million orders for the hazardous-materials protective gear it produces for health-care workers treating Ebola patients handed the company's shares a 30%-plus spike Thursday.
Lakeland (LAKE) was up $3.62 to $15.20 in recent action, a 31% gain, a day after the company said it is ready to double production of its hazmat gear between now and the end of January in order to start processing those orders. The company says those orders come on top of production that was already up 50% from August to October, prior to its seeing significant Ebola-related demand.
"Lakeland started shipping such orders only in October, which is the end of its fiscal 2015 third quarter reporting period," the company said in a press release. "The main impact from Ebola-related orders received to date will not be realized until the Company's fiscal 2015 fourth quarter ended Jan. 31, 2015."
Shares of Lakeland have been volatile in recent weeks, hitting a high of $29 earlier in the month before quickly crashing below the $15 level. Still, shares remain above their 50-day moving average.
Investor whims have led to spiky stock charts for a number of Ebola-related stocks since Thomas Eric Duncan became the first person in the U.S. to be diagnosed with the deadly virus. Duncan, who traveled from Liberia to Texas shortly after contracting the disease in September, is the only U.S. fatality thus far.
Two health-care workers who treated Duncan, and a handful of others who have traveled to Liberia, Sierra Leone and Guinea have been treated for Ebola.
On Thursday, Ebola-related stocks other than Lakeland were relatively calm.
Tekmira Industries Inc. (TKMR) was up marginally, as was BioCryst Pharmaceuticals Inc. (BCRX).
The infatuation investors had with NewLink Genetics Corp. (NLNK) was rekindled somewhat after a week of losses. NewLink shares doubled quickly earlier this month to nearly $40 when it was announced that Canada had a licensing agreement with the company for its government-developed Ebola vaccine. Its shares, though, lost a bit a steam over the last week.
NewLink shares had climbed more than 2% at one point Thursday but were up marginally in recent action to $34.60.
One stock that made a sizable gain, relative to its price, was iBio Inc. (IBIO), up more than 17% to $1.12. The rise, however, amounted to only 17 cents a share. IBio says it can mass produce large quantities of anti-Ebola medication for drug manufacturers if need be.
-Russ Britt; 415-439-6400; AskNewswires@dowjones.com
> Dow Jones Newswires
October 30, 2014 12:48 ET (16:48 GMT)
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