The company that recently sold 160,000 Hazmat suits to the U.S. State Department is enjoying a huge surge in its stock price after the first case of Ebola arrived in the United States.
Lakeland Industries, a manufacturer of industrial protective clothing, hit the headlines last month after it revealed it had joined, “The fight against the spread of Ebola” by helping to meet the State Department’s demand for 160,000 hazardous materials suits.
Although the stock price later gave up some of its gains, at one point Lakeland shares were trading today at $10.41 per share, an 18 per cent jump.
Overall, Lakeland has enjoyed a 40% stock price surge since the first case of Ebola hit the United States.
The rise follows expectations that the company will receive more orders for Hazmat suits after Thomas Duncan was admitted to a hospital in Dallas having flown in from Liberia.
“Shares of numerous drugmakers, including Tekmira, BioCryst, and Chimerix, have been rallying as the virus has spread throughout the summer. Each of these companies is working on a cure for Ebola, but to date the most popular experimental treatment for the virus is manufactured by privately held Mapp Pharmaceuticals,” reports the Financial Post.
The 160,000 Hazmat suit order was dovetailed by the State Department’s U.S. Agency for International Development purchase of 5,000 body bags which were sent to Liberia.
The graph below shows recent moves in Lakeland stocks since the Dallas case was confirmed last week. Stocks also surged in the aftermath of Ebola arriving in Europe, with a nurse who treated a Spanish priest who later died being admitted for the virus in Madrid yesterday.