Stocks in the biotech sector are rising alongside industry leaders Tilray and Canopy Growth
Biotechnology is currently the largest and fastest-growing sector of the marijuana industry in the United States. It consists of pharmaceutical companies aimed at developing new drugs by isolating and testing isolated cannabinoids. Two of the hottest stocks to watch in this sector are Intec Pharma NTEC (NASDAQ) and GW GWPRF (OTCMKTS) Pharmaceuticals.
The U.S. biotech received a significant boost with the passage of recreational marijuana in Canada. It is expected to continue that growth as more governments around the world loosens restrictions and welcome marijuana research.
Intec Pharma Ltd. experienced an impressive trading volume of over 1 million shares on Wednesday to close 13.16 percent up. According to MarijuanaIndex, the stock rose significantly without any news or catalyst and reached an average trading volume of just under 90,000 shares.
The company is developing a drug to treat advanced symptoms of Parkinson’s disease called Accordion Pill Carbidopa/Levodopa. Last month, Intec announced that global enrollment in the clinical trial of the drug was at 400 of its 420-patient projection.
The trial sites in Europe and Israel have met their patient quote and the company is looking to complete enrollment at trial sites in the U.S. Intec says it is on track for a data release on the trial by the middle of next year.
Shares of GW Pharmaceuticals were up 3 percent on Wednesday after closing at nearly 2.5 million traded. It rallied alongside Tilray and with positive FDA developments to a new high of $166.42. The company is the producer of Epidiolex, the first marijuana drug to receive approval from the U.S. FDA.