SenesTech (SNES) Shares Storm Higher on Distribution Agreement News
SenesTech (NASDAQ:SNES) shares are shooting up 18% faster than Jack’s magic bean sparking right into a giant beanstalk. The reason? The pest control company announced a distribution agreement with Bug Off Pest Control Center for ContraPest. In addition to distribution, Bug Off will be marketing and selling ContraPest throughout its network, and providing ongoing training to pest management professionals (PMPs) in the Greater New York area.
ContraPest is an innovative technology that targets the reproductive capabilities of Norway and roof rats. As a highly palatable liquid, the formulation promotes sustained consumption, helping to reduce fertility in both male and female rats, bringing populations down and keeping them down. The company’s delivery system is designed to minimize handler exposure, and ContraPest is dispensed inside tamper resistant bait stations, minimizing the risks to non-target species.
“Andy Linares and Bug Off are well known and well respected in the pest management world. He brings a focus on innovation, education and service to his PMP customers, and we look forward to working with him to more rapidly penetrate the New York City market,” said Dr. Loretta P. Mayer, Chair, CEO and co-founder of SenesTech.
“New York is the biggest market for rodent control in the U.S.; the toughest, and the most sophisticated. My PMP customers rely on Bug Off to bring them the most innovative and the most effective solutions to their pest management challenges. ContraPest is a very promising product, and I am looking forward to partnering with the SenesTech team to bring it to our market,” said Andy Linares, President of Bug Off Pest Control Center.
When it comes to Wall Street’s bet, the odds are on SenesTech, with TipRanks analytics showcasing SNES as a Strong Buy. Out of 6 analysts polled in the last 3 months, all 6 are bullish on SenesTech stock. With a return potential of nearly 37%, the stock’s consensus target price stands at $5.20.