Biotech Stock Pops on Drug Development Update

ProMIS Neurosciences, Inc. (TSX:PMN), a biotech stock, climbed after announcing an update on its lead product candidate for Alzheimer’s disease

Sean Mason | March 6, 2018 | SmallCapPower

A development in the treatment of Alzheimer’s disease moved a biotech stock sharply higher Tuesday. Here’s some small stocks making big moves on Tuesday, March 6, 2018 (as of 4 pm EST):

ProMIS Neurosciences, Inc. (TSX:PMN), a biotech stock, jumped 43% to $0.52 on Tuesday after announcing that its lead product candidate for Alzheimer’s disease, PMN310, showed similar ability to cross the blood brain barrier and penetrate the central nervous system compared to aducanumab.

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As well, shares of Clearwater Seafoods Incorporated (TSX:CLR) slipped 9% to $4.25 as the vertically-integrated seafood company released its 2017 financial results, adding that its gross margin declined to 17.7% as a percentage of sales, from 23.6% in 2016, as overall sales volumes were offset by the reduction of higher-margin shrimp volumes and an overall product mix and size shift towards lower-margin products.

Maple Leaf Green World Inc. (TSXV:MGW), meanwhile, reported that its proposed cannabis cultivation facility located in Telkwa, British Columbia, is expected to be completed in the middle of March as scheduled. Maple Leaf Green stock moved up 17% to $1.03 following the announcement.

Finally, ProSmart Enterprises Inc. (TSXV:PROS) shares gained as much as 21% before ending unchanged at $0.66 after the global online sports network announced that it has agreed to acquire DL Hockey Consulting (Shenzhen) Limited and DL Hockey Consulting Limited, which operates a hockey club and skills camps in China, where 650 skating rinks are being built as part of its winter sports development plan in the run up to their hosting of the 2022 Winter Olympics.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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