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Covid-19 pandemic: Kodak stock surges 655% on drug production news

The company's value climbed to $1.99 billion as of 10:25 am in New York, after closing on Friday shy of $100 million

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Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients

1 min read Last Updated : Jul 30 2020 | 3:34 AM IST

Shares of Eastman Kodak have leapt 2,441 per cent higher this week, sending its market valuation to nearly $2 billion, after it won a government loan to help produce ingredients used in key generic medicines to fight the coronavirus.

Kodak, the storied photography giant whose business and shares were devastated by the switch to filmless cameras, gained as much as 655 per cent on Wednesday, triggering at least six halts for volatility along the way. More than 110 million shares traded hands, more than 23 times its typical volume.

The company’s value climbed to $1.99 billion as of 10:25 am in New York, after closing on Friday shy of $100 million.