Why Are Siga Technologies Shares Trading Higher?
SIGA Technologies Inc. (NASDAQ: SIGA ) shares are trading higher on Friday after the company announced it declared a special cash dividend of $0.60 per share . SIGA Technologies shares are powering higher. What’s driving SIGA stock higher? Company Announces Special Cash Dividend Siga’s board of directors declared a special cash dividend of $0.60 per share on the company’s common stock. The amount of this dividend is consistent with the special dividend declared last April. This dividend is payable in late April, to shareholders of record at the close of business on April 7. With the major indices red and market breadth weak (only 3 sectors advancing versus 8 declining), SIGA's strength reads more like a technical rebound than a "rising tide" move. Energy (+1.78%), Utilities (+1.38%), and Consumer Staples (+1.25%) are leading, which fits a defensive tilt that can sometimes spill into idiosyncratic healthcare names. From a chart perspective, SIGA is coming off a fresh oversold signal after RSI slipped below 30 on March 20, and that can attract short-term dip buyers looking for mean reversion. The stock also recently printed a swing low on March 18 (which also marked the 52-week low), ... Full story available on Benzinga.com
