Why is Innovus Pharmaceuticals Trading Up Nearly 30% Today?

Innovus Pharmaceuticals Trading Up

As we move closer to the end of the month, with only two and half weeks left, it’s safe to say that the month of January has proven to be very beneficial for Innovus Pharmaceuticals (OTCQB:INNV).

What’s the Story Behind Innovus Pharmaceuticals?

The San Diego-based company has made numerous announcements this month, from disclosing that it has entered into a license and distribution agreement with Acerus Pharmaceuticals (TSX:ASP), a Canadian public company, on January 8 to announce on January 11 that the FDA had cleared its UriVarx UTI test strips.

In regards to the agreement with Acerus, Innovus will, under the terms of the agreement, be the recipient of an up-front license payment, and will be qualified to receive up to $1.65M in sales milestone payments.

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Today, the stock is trading up nearly 30% on the OTC exchange, and while I’m sure the above-mentioned news played a marginal role in the increase, I would say that most of today’s increase is a direct result of the news that Innovus Pharma announced a couple hours ago.

Thursday’s News

Innovus Pharmaceuticals is known primarily for focusing on the licensing, commercialization, and development of safe non-prescription medicine used to improve both men and women’s health and vitality, as well as working to improve respiratory diseases seen in both genders.

On Thursday, the company disclosed to the public that it had launched its Walmart, eBay, Wish, and Amazon online stores in the U.S with a joined 116 Company product SKUs.

Not long after the announcement was made, Innovus Pharma witnessed an increase in its stock price. The company is currently trading at $0.15, putting the stock up $0.03, or 25.86%. It will be interesting to see if the stock can trade up more than 30% before the closing bell rings.

The Takeaway

If I could guess, I would say that investors are pleased with today’s news as it means Innovus Pharma will now have an even larger online sales presence, and it can now further its various other online websites.

It seems it’s not just investors who are pleased with today’s launch either. CEO Bassam Damaj stated Thursday that the team is very “excited to announce the official launch,” adding that there are good things coming in the near future.

Dr. Damaj stated that Innovus is already seeing “a significant increase in our month over month sales from the online stores,” and that the company expects “the online sales to be a growing percentage of our revenues” in the near-future.

Featured Image: Twitter