Shares of Corning Inc. (GLW) - Get Corning Inc Report were higher on a report the specialty glass and ceramics company was planning to increase production of glass vials for COVID vaccines by 50% from prior targets.
The move comes after the company received more federal funding for the project.
The Corning, N.Y., company is now expecting to produce this year 150 million vials that will hold about 1.2 billion vaccine doses, according to The Wall Street Journal.
The increased output is expected to alleviate a shortage of vials required to store the COVID-19 vaccines that combat the pandemic. COVID has decimated global economies over the past year.
Corning shares at last check were rising 1.7% to $41.93. The stock has been trading around its 52-week high of $42.55, set a week ago. The stock was up 15% in 2021 through the close of trading on Thursday.
In February, the Joe Biden administration said the U.S. finalized a vaccine deal with drugmakers Pfizer (PFE) - Get Pfizer Inc. Report and Moderna (MRNA) - Get Moderna, Inc. Report for 200 million doses.
That was on top of the 400 million doses ordered during the Donald Trump administration. Through the two purchases, the country expects to fully vaccinate 300 million U.S. citizens.
On Thursday, Biden said that his administration had doubled its vaccination goal and aimed to get 200 million doses administered in his first 100 days in office.
So far, 173.5 million doses of the vaccine have been delivered and about 133.3 million doses have been administered, according to the Centers for Disease Control and Prevention.