FSD Pharma (HUGE) to Forfeit Cannabis Licenses of its Subsidiary Focus on COVID-19 Treatment

Thursday, July 30, 2020 9:39 AM | Neal Farmer

FSD Pharma Inc (HUGE) is up 49.73% today after notifying Health Canada its decision to forfeit the cannabis licenses of its subsidiary, FV Pharma and focus on work on a Covid-19 treatment.

FSD Pharma will suspend all activities by FV Pharma within 30 days. The company is currently liquidating all FV Pharma assets including their medical grade cannabis production facility in Cobourg, Ontario. FSD will be focusing heavily on their FSD201 compound as well as exploring other compounds to expand their drug development pipeline. Investors have reacted extremely positively with HUGE stock jumping in price after the news announcement. Market sentiment seems to be overall positive on the company’s decision to cut costs and focus on its drug development.

HUGE stock is lower by -68.87% over the last 12 months, and the average rating from Wall Street analysts is a Strong Sell. InvestorsObserver’s proprietary scoring system, gives HUGE stock a score of 12 out of a possible 100.

That score is chiefly influenced by a fundamental score of 0. In addition to the average rating from Wall Street analysts, HUGE stock has a mean target price of 16.45. This means analysts expect the stock to rise 193.75% over the next 12 months. HUGE’s score also includes a short-term technical score of 15. The long-term technical score for HUGE is 20.

What’s Happening with HUGE Stock Today

FSD Pharma Inc (HUGE) stock is trading at $5.60 as of 9:33 AM on Thursday, Jul 30, a rise of $1.86, or 49.73% from the previous closing price of $3.74. Volume today is more active than usual. So far 5,639,560 shares have traded compared to average volume of 106,740 shares. The stock has traded between $5.40 and $6.25 so far today.

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