Canadian Life Sciences Stock Powers Up on COVID-19 Testing

Microbix Biosystems Inc. (TSX:MBX), a Canadian life sciences stock, climbed after creating a product to help ensure the accuracy of COVID-19 disease testing

Sean Mason | March 30, 2020 | SmallCapPower

COVID-19 testing accuracy produced a healthy return for a Canadian life sciences stock Monday. Here’s some small stocks making big moves on Monday, March 30, 2020 (as of 4 pm EST):

Microbix Biosystems Inc. (TSX:MBX), a Canadian life sciences stock, gained 33% to $0.265 on Monday after announcing the creation, verification, and imminent commercial availability of a quality assessment product to help ensure the accuracy of COVID-19 disease testing.

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As well, shares of HEXO Corp. (TSX:HEXO) slid 28% to $1.10 as the Canadian cannabis company said its second-quarter net revenue rose 17% to $17.0 million yet its loss from operations for the quarter ballooned to $289.4 million from a loss of $60.6 million during the same period last year.

NaiKun Wind Energy Group Inc. (TSXV:NKW), meanwhile, reported that it has entered into an agreement to sell the NaiKun Offshore Wind Farm located in the Hecate Strait off the coast of British Columbia to Northland Power in consideration for a payment based on the size of the developed Project, which is expected to equal to the majority of NaiKun’s historical development costs. Once the Project becomes operational, future payments will consist of an annual cash distribution from the Project after the operating costs and specified return on equity has been recovered by Northland. NaiKun Wind Energy stock popped 209% to $0.17 following the announcement.