China Jo-Jo Drugstores (NASDAQ:CJJD) stock observed trading -67.85% off 52-week high price. On the other end, the stock has been noted 7.92% away from low price over the last 52-weeks. The stock disclosed a move of -9.73% away from 50 day moving average and -42.50% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.06% off 20-day moving average. It has market cap of $36.2M
On June 24, 2019, China Jo-Jo Drugstores (NASDAQ:CJJD) a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a healthcare provider in China, announced hat the Company has entered into a strategic cooperation framework agreement (the Agreement) with the Zhejiang Medical Insurance Bureau (the MIB) in June 2019. By entering into the Agreement, the Company joins the first batch of third-party distribution service partners of the government officially undertaking the provincial medical insurance project. As a designated delivery service agent for the provincial medical insurance project, the Company expects to improve its negotiation position for drug procurement, expand its retail pharmacy coverage, and highlight its corporate brand and influence, providing a strong foundation for the rapid expansion of the Company’s franchising operations.
In 2019, the State Council’s government work report and the provincial government’s medical insurance policy added 12 common chronic diseases such as hypertension and diabetes into the scope of covered diseases and allows urban and rural residents to purchase prescribed drugs for these diseases at pharmacies. This policy requires cooperation between the government and private enterprises and enables medical chain pharmacies to comprehensively establish and operate third-party delivery service mechanisms for drugs. Pursuant to the Agreement, both parties agree to fully cover insured residents in Zhejiang province, ensure a stable supply of medications and prompt drug delivery. The MIB agrees to authorize the Company to operate as a third-party distribution service partner to undertake the provincial medical insurance project and assist the Company in solving problems in distribution services to create an improved business environment. The Company agrees to ensure its stores can cover every county and city in the province, regularly publish a list of commonly used drugs for chronic diseases and a list of delivery service stores to the public, and strictly implement the relevant systems for drug and prescription management in the healthcare sector. As part of the Agreement, the Company agrees to sell medical insurance-related chronic disease drugs which are on the provincial medicine procurement platform, execute the same payment standards as public hospitals and not all the drugs purchased from the provincial medicine procurement platform to enter other sales channels.
Mr. Wei Hu, Chief Operating Officer of Jo-Jo Drugstores, commented,Currently, of the 1,304 urban and rural residents’ medical insurance chronic disease drug distribution service stores, we occupy 237, covering 89 counties and cities in Zhejiang province, providing 195 chronic disease medicines. These facilities essentially cover the drug distribution needs of chronic patients and we are continuously working to improve access for the medicinal treatment for chronic disease medicines for urban and rural residents.
Mr. Hu continued, In addition to the traditional selling methods in our retail stores, we have four additional sales channels: online booking, O2O booking, B2C booking, and shop booking. By synchronizing with Meituan, Jingdong, Hungry, Ali Health, micro-Mall and cooperating with five other platforms, we can deliver drugs in half an hour for customers within 4 kilometers, and achieve distribution volumes similar to the top chains in Hangzhou. We expect to open a 24-hour unmanned smart drug store in Hangzhou to meet customers’ needs. The China based company China Jo-Jo Drugstores moved with change of -2.68% to $1.09 with the total traded volume of 718924 shares in recent session versus to an average volume of 702.46K. The stock was observed in the 5 days activity at -2.68%. The one month performance of stock was 5.83%. CJJD’s shares are at -58.08% for the quarter and driving a -27.38% return over the course of the past year and is now at -45.50% since this point in 2018. Right now the stock beta is 0.39. The average volatility for the week and month was at 5.35% and 5.77% respectively. There are 33.21M shares outstanding and 23.48M shares are floated in market.
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