Shares of Molecular Data Inc. (MKD) were gaining in Thursday’s pre-market after following the downtrend in the previous open market. MKD stock price saw a jump of 4.81% to reach $1.10 a share at the time of this writing. MKD stock price dropped to $1.04 and down by 7.96% at the previous closing. Let’s try to find the reason behind this rise.
Molecular Data Inc. (MKD) is the leading chemical e-commerce-based platform in the Republic of China. MKD’s rising stock price today captivated the attention of individuals who are looking for some reason. Still, the reality is somewhat different from expectations. We find no particular news by the company today, no earnings report, no analyst upgrades, or upswing targeted MKD stock price to explain the culprit behind this rise. However, Molecular Data did announce some of its recent development in the early days of this month.
On March 09, 2021, MKD stock signed the supply frame agreement with Anhui Gujing Distillery Co., Ltd for becoming the key supplier of the chemical and biological reagents and laboratory equipment and consumables to expandMKD’s presence in the food and beverage industry. Molecular Data will provide approximately 2 million stock-keeping units (SKUs) to Gujing for its domestic and foreign laboratory brands and suppliers. On the last day, MKD stock announced the MOU for the potential transaction and a stake in the famous brand name in the U.S to strengthen its presence in America.
On March 05, 2021, Molecular Data entered into the cooperation agreement with Yili Industrial Group Co., pursuant to which the laboratory supplies Mall and centralized procurement platform of MKD would become branches and subsidiaries of Yili Group.
So far, so good for MKD stock price, but one should remember that rising stock price despite the absence of reason could not be the base for any decision about the particular stock.MKD stock has shown developments in recent times, and its business model suits the COVID world. In short, individuals eyeing MKD stock have to get the nitty-gritty details of it.