4:50 a.m. June 18, 2021
- By Ciara Linnane
Edesa Biotech shares jump 14% premarket after early review of COVID treatment finds it should continue trialEdesa Biotech Inc. shares jumped 14% premarket on Friday, after the Canadian biotech, which is listed on Nasdaq, said an interim review of its one-dose COVID-19 treatment candidate found it should continue the study as planned. Toronto-based Edesa said an independent data and safety monitoring board made that determination after an initial review of the first patients enrolled in its Phase 2/3 study evaluating the drug candidate as a treatment for hospitalized patients. "While it is not possible yet to draw conclusions, we are encouraged by the monitoring board's findings as well as the robust enrollment we have achieved to date," Edesa said in a statement. The company has filed a trial amendment with the U.S. Food and Drug Administration to streamline the U.S. protocol and align it with other jurisdictions. More than 370 patients are enrolled in the trial. The drug, called EB05, is a monoclonal antibody that Edesa believes can treat acute respiratory distress syndrome, which is one of the main causes of death from COVID. Edesa shares have gained 34% in the year to date, while the SPDR S&P Biotech ETF has fallen 4% and the S&P 500 has gained 12.4%.
4:13 a.m. Feb. 24, 2021
- By Ciara Linnane
Aurora Cannabis reiterated as underperform by Jefferies after earnings 'reinforce concerns on its underlying business'Jefferies analyst Owen Bennett reiterated his underperform rating on Aurora Cannabis Inc. stock on Wednesday, and said "only reinforced our concerns on its underlying business." Canadian sales pressure "were more pronounced than we had assumed, with little improvement on the margin profile," Bennett wrote in a note to clients. "Second, given the near-term debt overhang and its high cash burn rate, we raise questions marks on whether Aurora's balance sheet is strong enough to support a potential US push." The analyst raised his stock price target to C$9.44 ($7.51) from C$4.59, to reflect U.S. developments. The cannabis sector has rallied in recent weeks amid high hopes for reforms of U.S.' strict cannabis laws, that continue to classify the plant as a Schedule I drug, alongside heroin. The new administration is deemed more cannabis-friendly than the last one, and already Senate Majority Leader Chuck Schumer "While Aurora is not as expensive as certain other Canadian peers, for the others you can make a much better case for US optionality," said Bennett. "For example, Canopy takes ownership in an MSO and Cronos is sitting on C$1bn in cash with little debt, so can buy US assets, or at least invest aggressively. The same can't be said for Aurora." The analyst lowered his full-year gross margin forecast and raised his sales, general & administration cost forecasts. Aurora's U.S.-listed shares were up 4.3% premarket, but have fallen 43% in the last 12 months, while the Cannabis ETF has gained 87% and the S&P 500 has gained 16%.
3:47 a.m. Feb. 23, 2021
- By Ciara Linnane
Cannabis company Green Thumb Industries raises $56 million by selling 1.6 million shares Cannabis company Green Thumb Industries Inc. said Tuesday it has raised about $56 million in capital by selling 1.6 million subordinate voting shares priced at $35.50 a share. The stock closed Monday at $35.35. The deal comes after a previous share sale that closed on Feb. 9 and raised $100 million. "The strength of investor demand suggests growing confidence within the U.S. capital markets for cannabis," said Green Thumb Founder and Chief Executive Officer Ben Kovler. Cannabis stocks have been rallying on hopes for reforms of U.S.' strict laws that continue to classify the plant as a Schedule I drug, alongside heroin. President Joe Biden's administration is viewed as favoring reform, and already Senate Majority leader Chuck Schumer has pledged to make reform a key priority in the current Congress. "The Green Thumb team is excited by the momentum and is proactively advocating for U.S. cannabis companies to receive access to U.S. exchanges like our Canadian peers. This access is a key step to unlock greater job creation, significantly more tax revenue and a more robust effort to right some of the wrongs caused by the war on drugs." The company's U.S.-listed shares were not active premarket, but have gained 312% in the last 12 months, while the Cannabis ETF has gained 85% and the S&P 500 has gained 16%.
9:37 a.m. Feb. 5, 2021
- By Tomi Kilgore
Cannabis stocks see more broad gains, as sector tracker heads for best week since the electionCannabis stocks were mostly Friday, putting the sector on track for a fifth straight gain and the best weekly performance since before the presidential election, amid signs of improved valuations given a more favorable regulatory climate. The Cannabis ETF rose 0.4% in afternoon trading, and has surged 26.5% this week. Helping give are expectations that a Democratic majority in Congress and the Biden administration will pursue an agenda to federally legalize recreational marijuana, and Thursday's merger deal that valued GW Pharmaceuticals Ltd. , the first company to win approval for a cannabis-based drug, at about $7 billion. The Cannabis ETF's weekly gain is on track to be the biggest since it rallied 30.3% during the week ended Nov. 6, the week of the presidential election. Among the more actively traded cannabis companies, the U.S.-listed shares of Tilray Inc. have soared 45.6% this week, and have rocketed 219.1% year to date; Canopy Growth Corp. have surged 8.3%, to put them on track for a fifth straight weekly gain, in which they have soared 76.2%; Aurora Cannabis Inc. have rallied 16.2% this week, and more than doubled (up 108%) year to date; and Aphria Inc. have jumped 39.3% this week, and 211.2% over the past three months.
8:37 a.m. Dec. 9, 2020
- By Jaimy Lee
Canada authorizes BioNTech/Pfizer COVID-19 vaccineShares of BioNTech were down 0.6% and Pfizer Inc.'s stock fell 1.1% in trading on Wednesday after the companies announced that their COVID-19 vaccine candidate had received emergency authorization in Canada. This is the third country, after Bahrain and the United Kingdom, to authorize their coronavirus vaccine. The regulatory approval in Canada was granted to BioNTech; Pfizer has commercialization rights. The Canadian government previously signed a deal for 20 million doses of the two-dose vaccine, with an option to acquire up to 76 million doses, through 2021. The Food and Drug Administration this week is expected to grant authorization to the vaccine as soon as Thursday, according to New York Gov. Andrew Cuomo's Wednesday morning . This would make the BioNTech/Pfizer vaccine the first vaccine to receive authorization in the U.S. So far this year, shares of BioNTech are up 276.1%, Pfizer's stock has gained 13.6%, and the S&P 500 is up 14.6%.
4:31 a.m. Dec. 5, 2020
- By Ciara Linnane
Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe Biden News that Mexico’s senate has approved a cannabis legalization bill offers further boost to battered sectorAurora Cannabis Inc. led a rally in the weed sector Tuesday that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets.
1:20 p.m. Nov. 5, 2020
- By Ciara Linnane
Aurora Cannabis soars 34% to lead weed stock rally fueled by Biden’s lead in presidential race ‘I would say this was one of the best case scenarios for cannabis investors,’ says Korey Bauer, portfolio manager of the Cannabis Growth FundAurora Cannabis led a strong rally in the cannabis sector Thursday, fueled by Democrat Joe Biden’s lead in the presidential election race and the expectation an administration led by him would achieve banking reform sooner rather than later.