Tetra Bio (TSX:TBP) Stocks Rocket As REDUVO Gets Health Canada’s Nod

2 min read | May 03, 2021 12:54 PM EDT | By Anuj

Tetra Bio (TSX:TBP) Stocks Rocket As REDUVO Gets Health Canada’s Nod — Image source: HQuality,Shutterstock

Tetra Bio Pharma Inc (TSX:TBP)

Tetra Bio Pharma focuses on the research and development (R&D) of advanced biopharma and veterinary drugs containing cannabis. The company’s research segment offers cannabis drug-related data to the biopharma industry, including regulators, insurance companies and physicians.

The pharma stock has soared over 161 per cent this year, propelled by its positive R&D operations in the field of cannabis-related drugs. It outperformed the TSX/S&P Capped Pharmaceutical Index and posted a 59 per cent return in the last one year.

The stock hit a record high of C$ 0.51 apiece (11 AM EST, May 3, 2021), up 14.6 per cent, against its previous 52-week high of C$ 0.445 apiece. Its intraday volume rose over eight million shares as compared to the 30-day average volume of 3.2 million shares.

Tetra Bio Pharma's One-Year Stock Performance Chart. (Source: EODHD/Others)

The first-quarter 2021 spike in the above chart came following a collaboration announcement with European biopharma company DanCann Pharma on February 25. The collaboration was to monetize cannabinoid-derived drugs that provide relief to patients against severe pain.

At the previous close price of C$ 0.41, the stock was trading in the bullish zone from short-term period to long-term period, as per the simple moving average data on EODHD/Others.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.

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