We're now halfway through Monday's trading session here in New York, and there's a handful of cannabinoid biotech and pharmaceutical names on my radar. These stocks have been very active recently, with many reporting positive news regarding research and development.
The NASDAQ Biotechnology Index is down roughly 0.25% so far, but cannabinoid biotech is up big!
Cara Therapeutics Inc.
Cara Therapeutics (NASDAQ:CARA) is up roughly 3% in intraday trading on no recent news and average trading volume. In early morning trading, shares of CARA got up as high as $19.08 per share on bursts of buying action, but is pacing its gains. We'll be watching how the rest of the day plays out for CARA.
Insys Therapeutics Inc.
Insys Therapeutics (NASDAQ:INSY) is up roughly 4.92% in intraday trading on no recent news and average trading volume. In early morning trading, shares of INSY got up to highs of $11.10 per share, but are trading lower now on weak volume. INSY holds a roughly 9.5% weighting in the recently launched marijuana ETF. We'll be watching how the rest of the trading day finishes up for INSY.
Therapix Biosciences Ltd.
Therapix Biosciences (NASDAQ:TRPX) is up roughly 6.18% in intraday trading despite it's shares in Tel Aviv closing down 2.29% on below average volume. Last Tuesday, Therapix announced that their underwriters exercised their over-allotment options, signaling bullish opinions on Wall Street regarding the recently listed stock. We'll be watching how the rest of the session finishes up for TRPX.
Zynerba Pharmaceuticals Inc.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) is up roughly 9.64% in intraday trading, leading the pack for cannabinoid pharma and biotech today. Zynerba holds a roughly 7.5% weighting in the recently launched medical marijuana ETF that just began trading last week. We'll be watching to see how strong the market is for ZYNE up at 52-Week highs.
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