Here's Why Retractable Technologies Is Skyrocketing 22% Today

Retractable Technologies (NYSEMKT: RVP) shares are soaring 22% at 3:55 pm EST on Wednesday after announcing $53.6 million in U.S. government funding to increase syringe and needle manufacturing capacity to meet potential demand related to the COVID-19 coronavirus.

The healthcare company, which manufacturers syringes and needles designed to improve patient safety, was awarded the contract on behalf of the Biomedical Advanced Research and Development Authority (BARDA). In exchange for the funding, Retractable Technologies will "increase its manufacturing capacity for hypodermic safety needles and corresponding syringes." 

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Source Fool.com