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June 17, 2023
Sundial Growers Inc., CRISPR Therapeutics AG, Canopy Growth Corporation and others have been dropping. Here is what you should know.
Leading equity indices in the US declined as Nasdaq lost 0.68% and ended the session at 13,700. S&P 500 shed 0.37% and closed at 4,409.59.
While price action maintains a negative bias, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
Sundial Growers continues a 19 day downtrend; decreases 1.41% yesterday
More of the same from yesterday's session: an influx of sellers pushed the cannabis cultivation company to end the session lower around $1.4, while establishing a $1.39 to $1.45 session range yesterday. After setting a $1.39 – $1.45 range, Sundial Growers closed the day 1.41% lower at $1.4. Trading volume totalled 2 million which equates to around 68% of the stock's 21-day average yesterday.
The cannabis cultivation company's market cap currently stands at $364 million with an average daily trading volume of 3.10 million shares. Having set a significant high of $3.17 10 months ago, the high quality cannabis cultivator is trading 55.21% lower. Sundial Growers expected revenue of $175.98 million with an EPS of -2 cents.
| CRISPR Therapeutics | continues an 18 day decline; descends 2.02% yesterday
Yesterday's session continued the recent downtrend: pronounced bearish sentiment in the market pushed the Swiss biotechnology company into a notable 2.02% slide yesterday, falling $1.19 and ultimately closing at $57.75. After setting a $57.61 – $59.81 range, CRISPR Therapeutics closed the day 2.02% lower at $57.75. Daily trading volume (1.77 million shares) was slightly greater than the current multiday average of 1.37 million.
CRISPR Therapeutics's market cap currently stands at $4.56 billion with an average daily volume of 1.37 million shares. The past 3 months have been positive for the gene-editing biotech company as it added 26.53% compared to its 3-month low of $39.19. The Nasdaq has been doing worse in 2022, it has been passing it by 15.74%. Pointing downwards for around a month.
| Canopy Growth | 13.7% (8.26 cents) depreciation over 5 days (1.652 cents per day average)
After setting a 62.66 cents – 65.87 cents range, Canopy Growth closed the day 2.69% lower at 62.99 cents. An influx of sellers pushed the cannabis producer to end the session lower around 62.99 cents, while establishing a 62.66 cents to 65.87 cents session range yesterday. Trading volume totalled 10.70 million which equates to around 91% of the stock's 21-day average yesterday.
