Why Is HAEMONETICS CORP MAS (HAE) Stock Up Today?

Haemonetics Corp (HAE) surged 15.93% to $104.65 on Tuesday, driven by a supply agreement with CSL Plasma. The deal involves supplying NexSys PCS devices with Persona PLUS technology for use in the U.S. The agreement is non-exclusive and does not include minimum purchase commitments. The move follows a regulatory filing on August 18 and comes as the stock hit a new 52-week high.

What Happened

The stock's sharp rise is tied to the announcement that Haemonetics will supply CSL Plasma with its NexSys PCS devices. This agreement was disclosed in a Form 8-K filing and reported by multiple financial outlets. The deal allows CSL Plasma to also purchase related disposable products. The stock has risen more than 15% in the past two trading sessions, with a price target increase to $120 from $100 at BofA. The stock's movement reflects optimism around the agreement's potential to expand the company's market reach.

What The Data Shows

Haemonetics stock printed a fresh 52-week high on August 19, adding to 11 others in the same period. The stock closed at $104.65, well above its 52-week range of $47.31 to $92.25. The move occurred on elevated volume, though specific volume figures were not provided. The company has a market cap of $3.9 billion, a P/E ratio of 43.8, and a beta of 0.52, suggesting it is less volatile than the broader market. The stock has seen improving sentiment, with a 7-day average of 63 out of 100 compared to a 30-day average of 59.

What To Watch

The stock's next catalyst may come from its broader coverage and potential follow-up developments from the CSL Plasma agreement. Investors should monitor any additional corporate updates or analyst revisions in the coming weeks.