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Stock Alert: FSD Pharma Jumps 36%

FSD Pharma Inc. (HUGE) shares are surging as it plans to ramp up efforts to advance pharmaceuticals R&D on its lead compound FSD201 and to acquire other compelling compounds to expand the drug development pipeline.

The company notified Health Canada to forfeit the licenses of its unit FV Pharma Inc. FSD plans to suspend all the activities of FV Pharma within 30 days of the notification and mulls sale of the company's cannabis production facility in Cobourg.

FSD will submit an investigational new drug application for FSD201 to treat hospitalized SARS CoV-2 infection. The company is hopeful to start a phase 2 clinical trial before the end of the year.

Currently HUGE is trading at $5.10, up 36.90 percent from its previous close of $3.74.

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