Market Movers: FSD Pharma Climbs 46% in Intraday Trading

FSD Pharma (CSE: HUGE) has experienced a massive run up this week on the back of news that it will soon be cross listed on the Nasdaq exchange in the US. The equity had ran as far as $14.50 today, before giving back a significant portion of the gains as long term shareholders look to exit on the run-up. The equity closed Friday’s session at $7.40.

FSD Pharma Logo

Materially, little has changed over the last 48 hours for the equity. While the firm announced that it has been approved for listing on the Nasdaq as of Thursday morning, nothing related to the performance of the company itself has changed.

The most recent monthly report filed for the month of December confirms that little has changed materially for the company over the last month as well, outside of the dual listing. The most text attributed to the monthly report was routine updates on the six currently outstanding lawsuits and legal battles the firm is involved within, the majority of which are related to matters of non-payment.

The largest developments of late for the firm consist of continuous changes to management and advisory boards, which includes some internal shuffling as well. The firm has added a number of medical doctors to its advisory boards as of late, in an attempt to turn the story from that of a cultivator of cannabis to a cannabis pharmaceutical focused firm.

On the equity side of things, 27,580 securities were issued to US resident directors of the firm on Monday as compensation for services. It should also be noted that the recent run up has been on relatively low volume – yesterdays 20.2% gain was via total volume of 87,864. Today’s run-up meanwhile was on slightly more volume of 198,000 at the time of writing as per TradingView. StockWatch gives a higher value of 300,000 shares traded, which may include what is often referred to as the “dark pool” trades.

The big push however, which took the equity from $11.75 to $14.00 in the span of an hour, occurred on a very light volume of 37,900 shares being traded – which is also likely why the equity has since begun giving up those gains. Nevertheless, Thursday’s open for the equity on the Nasdaq exchange is likely to cause fireworks in any event – the direction of which, is currently undecided.

FSD Pharma last traded at $13.06 on the CSE, up 46.74% on the day.

Information for this briefing was found via Sedar, and FSD Pharma. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.