Canadian Biotech Stock Climbs on Cannabis COVID-19 Claims

Pascal Biosciences Inc. (TSXV:PAS), a Canadian biotech stock, moved higher after announcing plans to develop a cannabinoid treatment for COVID-19

Sean Mason | September 23, 2020 | SmallCapPower

An assertion of a cannabinoid treatment for COVID-19 sparked interest in a Canadian biotech stock Wednesday. Here’s some small stocks making big moves on Wednesday, September 23, 2020 (as of 4 pm EST):

Pascal Biosciences Inc. (TSXV:PAS), a Canadian biotech stock, jumped 21% to $0.17 on Wednesday after announcing that it has confirmed an earlier report that certain cannabinoids block replication of SARS-CoV-2, the coronavirus that causes COVID-19. Pascal added that these studies validate the Company’s plans to develop a cannabinoid treatment for COVID-19.

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As well, shares of Aurora Cannabis Inc. (TSX:ACB) sank 29% to $6.90 as the Canadian cannabis company said it experienced a Fiscal 2020 net loss of $3.3 billion, falling short of analyst expectations.

WildBrain Ltd. (TSX:WILD), meanwhile, reported fourth-quarter revenue of $92.9 million, better than the $91.8 million expected by analysts, while swinging to a profit of $0.02 per share from a loss of $0.47 per share a year earlier. WildBrain stock moved up as much as 9% following the announcement.

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

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