Transforming into a pharmaceutical company, Kodak shares rose 24 times in just one week

Shares of Eastman Kodak Co soared more than 24 times (up 2,441%) this week, bringing the company’s market value to nearly $ 2 billion, after it won a government loan. The US is worth US $ 765 million to produce ingredients used in important pharmaceuticals to combat corona virus.

Kodak, a well-known photography agency, has become a blur after failing to switch to digital cameras. However, after the US government approved a loan to develop Kodak Pharmaceuticals’ new business, the company’s stock soared more than 6 times (up to 655%), causing it to stop trading 6 times due to the variable. the price is too big.

Kodak shares soared after the announcement of a loan to open a pharmaceutical factory.

More than 110 million shares were traded, 23 times higher than normal trading volume. Closing the trading session last Friday, the company’s market capitalization reached $ 1.99 billion.

Earlier, on Tuesday, Kodak shares tripled after the announcement of a $ 765 million loan to them to open a factory to manufacture pharmaceutical ingredients. This loan is made under the Defense Production Act used to accelerate the production of deficient drugs and drugs such as hydroxychloroquine, the antimalarial drug commonly promoted by Mr. Trump that can be treated. Covid-19.

Refer to Bloomberg