SIGA Technologies - Second contract win from the US DoD in 2022

SIGA Technologies has announced a second procurement contract worth up to $10.7m from the US Department of Defense (DoD) for the procurement of oral TPOXX, of which $5.1m is targeted for delivery in 2022. This win follows a $7.4m procurement contract from the DoD in May 2022. Amid the spate of new contract wins globally (including $76m in international orders) for TPOXX, we expect the strong order momentum to continue as countries stockpile treatments due to the ongoing monkeypox outbreak. We maintain our valuation of $19.80 per SIGA share.