As TSX Healthcare Index Rises, 2 Stocks To Buy

3 min read | May 18, 2021 09:51 AM EDT | By Team Kalkine Media

As TSX Healthcare Index Rises, 2 Stocks To Buy — Image source: Have a nice day Photo, Shutterstock

Empower Clinics Inc (CSE:CBDT)

Stocks of the health facilities provider climbed over five per cent to C$ 0.6 apiece on Monday as over 2.45 million of its shares changed hands.

Empower Clinics recently entered a contract with a major airline for its COVID-19 testing referral. The airline has reportedly agreed to refer Empower Clinics’ COVID-19 rapid self-testing kits to its passengers.

Empower Clinics has a market cap of C$ 183 million, and a 50-day average trading volume of over three million shares.

The telemedicine share has surged by more than 110 per cent year-to-date (YTD) and climbed about 700 per cent in the past one year. The COVID-19 stock also swelled as much as 1,100 per cent in the last nine months.

However, it has dropped by 76 per cent from to its 52-week record high of C$ 2.5 (February 22, 2021).

Empower Clinics' Six-Month Price Movement Against Moving Average and Volume. (Source: EODHD/Others)

Empower Clinics stock has slightly crossed its moving average trajectory in the previous trading session. It could extend its rally further as its shares have been trading actively.

The Valens Co Inc (TSX:VLNS)

The pot stock has gained a remarkable return of over 91 per cent over the past quarter. The cannabinoid (CBD)-based drug manufacturer has had a notable year so far, recording a gain of nearly 112 per cent.

Valens stocks soared over 49 per cent in the last one year to outpace the S&P/TSX Pharmaceuticals Index.

The cannabis firm recently announced that it is acquiring a 100 per cent stake in Green Roads and its majority-owned subsidiary.

The company is planning to increase its footprints in the US CBD market. It has also submitted its NASDAQ listing request with the US Securities and Exchange Commission (SEC).

The Valens Co's Six-Month Price Movement Against Moving Average and Volume. (Source: EODHD/Others)

The healthcare stock has breached the moving average technical curve. Valens scrip is 10.2 per cent above its one-month simple moving average (SMA) and 63.36 per cent above its 200-day SMA, posting a consistent uptrend.

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

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