Last week (possibly aided by the first stores opening for sales of recreational marijuana in Colorado), the sector as a whole began to heat up once again, necessitating heavy discussion in our daily reports. As can be expected when several sessions of frenzied uptrending carries stocks as high as we saw many of our cannabis plays, several of those stocks began to consolidate on Friday.
The exceptions were GreenGrow Technologies, Inc. GRNH, and Hemp, Inc. HEMP; High volume spread over multi-day runs often leads to high volatility as well, as in the case with HEMP, which did consolidate to a low of .021, but followed that up with a rebound back to .032, a 52% intraday swing.
GRNH continued its run from the previous session where we had witnessed a low of .045, and barreled its way to a high of .124. We’ll take overnight gains in excess of 176% any day!
As for the rest of the pot stocks we’ve been tracking that have relaxed a bit, we are still eager to see how they respond this week, and will be on the lookout for any chances we might have at bounce plays. Additionally, news of how the first week of sales went in Colorado will be sure to get even more eyes turned toward this burgeoning market sector. Check back for future updates, as we stay tuned in every step of the way.
Peregrine Pharmaceuticals, Inc. PPHM
Speaking of stocks that we’ve been tracking since 2012, PPHM has proven itself a winner for us on multiple occasions over the years, and our most recent alert is turning out to be no different. Following that last mention, we observed a low 1.35, which at this morning’s pre-market high at 1.99 represents a 37% increase.
FDA-related news out this morning could fuel a serious push in a Northerly direction, so we won’t want to take our eyes off of PPHM for one moment as trading commences this morning.
TUSTIN, CA, Jan 06, 2014 (Marketwired via COMTEX) — Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), today announced that the company has received Fast Track designation by the U.S. Food and Drug Administration (FDA) for its lead investigational immunotherapy bavituximab for the potential treatment of second-line non-small cell lung cancer (NSCLC).
“The fast track designation is a milestone for the SUNRISE trial program and represents a step closer to bringing bavituximab to the market,” said Robert Garnick, Ph.D., head of regulatory affairs at Peregrine. “We are very pleased that the FDA has recognized the potential of this novel therapy as a treatment for this serious and devastating type of cancer and look forward to working closely with them to ensure the most efficient review process.”
Plug Power, Inc. PLUG
Like the rest of the mentions in today’s newsletter, our history with PLUG goes back a long time. It has brought us percentage gains which cumulatively number in the thousands, and the New Year has brought new life for this one as well. This past Thursday, we caught PLUG at a low of 1.89, and were pleased at the solid 23% move it provided to 2.33. That figure is increasing this morning, as the stock is trading as high as 2.77 in pre-market action, a gain of 47% over Thursday’s low.
Extended Watchlist:
AMMX, PROW, EXMT, SIRI, TWGP, MSTX, SEED, CPRX, OXBT