180 Life Sciences (NASDAQ:ATNF) stock is climbing higher on Wednesday as the cannabis market undergoes a rally.
The cannabis sector has been on the rise lately as several companies in it release earnings reports. In this case, major players such as Tilray Brands (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Cronos (NASDAQ:CRON) all posted positive earnings news recently.
Considering these are leaders in the cannabis market, it makes sense that other stocks would climb alongside them. That’s fairly normal, as smaller companies will move in sympathy with larger ones as traders seek out possible investments.
ATNF Stock News
And it’s not as if 180 Life Sciences hasn’t announced its own news lately. The biopharmaceutical company announced an agreement on Monday for a clinical pharmacology study. This will cover the uptake of cannabidiol as an oral pill.
Prof. Sir Marc Feldmann, executive co-chairman of 180 Life Sciences, said this about the news:
“We believe that the new pill formulation has the potential to dramatically improve the availability and absorption of CBD taken orally as a pill, and plan to facilitate clinical studies to test this.”
ATNF stock is also seeing heavy trading on Wednesday morning. As of this writing, more than 6 million shares of the stock have changed hands. That’s already well above its daily average trading volume of about 376,000 shares.
With that comes a 37.7% increase for ATNF stock on Wednesday morning. Even so, the company’s shares are still down 85.5% year-to-date.
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock market stories traders need to know about on Wednesday! Among that is what has shares of Ebet (NASDAQ:EBET) stock rising, the biggest pre-market stock movers this morning, and more. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
