Cannabis Stock Movers For November 13, 2023
Portfolio Pulse from Benzinga Insights
Cannabis stocks experienced significant movements on November 13, 2023. Notable gainers included AusCann Group Holdings, Auxly Cannabis Group, and Rocky Mountain High, with increases of 66.67%, 46.94%, and 26.32% respectively. Eastside Distilling, Cara Therapeutics, and SNDL also saw substantial gains. Conversely, EVIO led the losers with a 98% decline, followed by Global Hemp Group and 1933 Industries. Other notable decliners included Heritage Cannabis Holding, Elixinol Wellness, and Corbus Pharmaceuticals.
November 13, 2023 | 9:30 pm
News sentiment analysis
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POSITIVE IMPACT
Cara Therapeutics shares increased by 16.19% to $1.22, which may lead to increased short-term trading activity.
The notable rise in CARA's stock price could be a sign of market approval of the company's recent activities or results, potentially leading to further short-term gains.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
POSITIVE IMPACT
Canopy Growth shares closed up 4.15% at $0.54, suggesting a potential positive outlook that could impact the stock price in the short term.
The increase in CGC's stock price indicates a positive market reaction, which could lead to further short-term appreciation as investors may continue to buy in.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
Eastside Distilling shares closed up 20.87% at $1.39, indicating a strong performance that could attract investor interest in the short term.
The significant gain in share price suggests positive investor sentiment and potential continued interest, which could drive the price up in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
GrowGeneration shares closed up 3.72% at $1.95, which could indicate a bullish sentiment among investors in the short term.
The positive movement in GRWG's stock price may suggest market confidence and could lead to further short-term gains as investors may perceive this as a buying opportunity.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
SNDL shares closed up 11.89% at $1.60, reflecting investor optimism that could positively influence the stock's short-term trajectory.
The double-digit percentage increase for SNDL may attract more investors and could lead to a short-term uptrend as the market reacts to this positive movement.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Corbus Pharmaceuticals shares closed down 6.30% at $3.05, which may cause concern among investors and negatively affect the stock in the short term.
The decline in CRBP's stock price could reflect negative sentiment or disappointing news, which might lead to further short-term depreciation as investors react.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
OrganiGram Holdings shares closed down 4.88% at $1.17, potentially signaling a bearish trend that could impact the stock negatively in the short term.
The drop in OGI's stock price may be a sign of investor skepticism or an unfavorable market reaction, which could lead to further short-term declines.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
Psychemedics shares decreased by 4.18% to $2.25, which could reflect investor uncertainty and potentially lead to further short-term downside.
The negative change in PMD's stock price suggests that investors may be reacting to unfavorable news or market conditions, which could continue to pressure the stock in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80