Happiness Biotech Stock Gains 4% on Booming Disinfectant Sales
The stock in Happiness Biotech Group Ltd. (Nasdaq: HAPP) rose 4% to $2.95 per American depositary share in early trading after it announced strong sales of epidemic prevention products.
The nutraceutical and dietary supplements producer said in a statement today that sales of 75% alcohol disinfectant and disposable hand sanitizer have exceeded 9 million bottles as of April. Also, the sales of daily protective masks have surpassed 2 million pieces, it said.
In April, Happiness Biotech announced it will sell hand sanitizer and said it shipped the first batch of 500,000 bottles to Malaysia, Australia, and Poland.
"We know that many of our investors want to know more information about the sales of our epidemic prevention products, and we are glad to report what we have accomplished in the past three months," Xuezhu Wang, the chief executive officer of Happiness Biotech, said in a statement today.
He added, "The COVID-19 has caused tremendous damage to the economy, and our Company is also affected. However, we have been able to recover the loss by timely transforming our manufacturing facilities and production lines to produce epidemic prevention products."
In March, Happiness reported a breakthrough in its development of Covid-19 testing kits by turning to an antibody technique. According to the company, it continues to consult with government agencies and is trying to push the project forward.
Based in Nanping, Happiness operates mainly through Fujian Happiness. Its product portfolio includes 32 types of nutraceutical and dietary supplements.
It's uncertain what kind of financial impact Happiness will report going forward during Covid-19 outbreak period in China, but its stock has taken a hit. In pre-market on Thursday, shares of Happiness were down nearly 38% year-to-date. Happiness Biotech expects a rebound as the company's stores are beginning to reopen "all over the country," according to Wang.