A Kodak ‘Moment’? Company’s Pharma Expansion Plans Ignite 366% Surge In Retail Chatter
Synopsis
Kodak ventured into pharmaceuticals after the company was awarded a $765 million federal loan in 2020, aimed at producing pharmaceutical ingredients, as part of a broader effort during the pandemic to strengthen the nation’s medical supply chain.
Eastman Kodak Co. (KODK) experienced a 366% surge in Stocktwits retail chatter in the last 24 hours after the photographic film products maker announced on the X platform that it is making a major move to strengthen pharmaceutical manufacturing within the U.S.
A Stocktwits user said it is the ‘Kodak Moment’ for the company.
Another user expressed optimism, linking the news to the U.S. Japan trade deal.
However, retail sentiment around the stock remained in ‘bearish’ territory with ‘low’ message volume levels.
Eastman Kodak stock inched 0.5% higher in Thursday’s premarket.
Kodak ventured into pharmaceuticals after the company was awarded a $765 million federal loan in 2020, aimed at producing pharmaceutical ingredients, as part of a broader effort during the pandemic to strengthen the nation’s medical supply chain.
In May of this year, CEO Jim Continenza stated that the company is retrofitting a facility at Eastman Business Park and has committed $20 million to expand U.S. manufacturing, according to a report from the Rochester Business Journal.
In the first quarter (Q1), the company’s revenue declined 1% year-on-year (YoY) to $243 million.
“The group’s new cGMP manufacturing facility, which we expect to be online later this year, will expand our current pharma business into manufacturing FDA-regulated diagnostic test reagents. Our investment in the new pharma facility is just one example of our commitment to investing in U.S.-based manufacturing,” said Continenza after the Q1 earnings.
As it evolves into pharmaceuticals, Kodak continues to support its traditional film operations and printing systems, including high-speed inkjet technology.
Eastman Kodak stock has gained over 8% year-to-date and over 25% in the last 12 months.
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