We’re on the eve of a new year and today being the last trading day of 2016, stock traders are in a frenzy. Whether it’s looking for the best tax loss stock or the best stocks to buy for 2017, everyone has their own agenda for the new year & to close on the current year’s books. One thing’s for sure and that is the US economy has been on a break neck pace for growth, which could set the stage for a strong 2017. In fact the U.S economy grew faster than initially through in the third quarter of 2016 to make for one of its best performing quarters & best performing quarter in 2 years. With all of this in mind, today we’re monitoring several active stocks to watch as the trading year comes to a close including Vitality Biopharma Inc (OTCMKTS:VBIO), Innocoll Holdings PLC (NASDAQ:INNL), and Marinus Pharmaceuticals Inc (NASDAQ:MRNS)
Vitality Biopharma has seen a very active month of December. Since lows of $0.90 during the first week of the month, the stock has run as high as $4.24. During the last 3 trading sessions, volatility has remained high. The stock deeply pulled back from those previous highs to as low as $1.93 on Thursday. However, following this consolidation, the stock rallied as high as $2.92 during Friday’s morning trading session. The company focuses on developing novel treatment for therapies dealing with inflammation and neurological disorders. Their use of cannabinoids has helped to differentiate the company from others dealing with things like Crohn’s disease and inflammatory bowel disease; many of its competitors use injection based therapies or other drugs that have higher toxicity in some cases.
Innocoll Holdings has had quite the opposite of a rally on Friday. The company reported on Thursday that it has received a Refusal to File letter from the United States Food and Drug Administration (FDA) for XARACOLL, the company’s product candidate for the treatment of postsurgical pain. The compay’s stock has dropped significantly from its previous closing price of $1.77 on Thursday. Friday the stock saw lows of $0.60 in early morning trading and has also seen one of it’s highest volume trading days this year after the news was published. “We expect to work with the FDA over the coming weeks in an effort to address the open issues and to define a path forward for a successful re-filing of our application at the earliest point in time,” said Tony Zook, CEO of Innocoll.
Marinus Pharmaceuticals has also seen a very active response on news, however this response has been very positive for the stock. Early on Friday during the pre market, shares of MRNS saw a very large volume spike that continued into the opening hours of the market. It was revealed that the company’s generic drug Ganaxolone had been granted an orphan drug status by the FDA. The drug is aimed at treating fragile X syndrome, a genetic condition that causes a range of developmental problems including learning disabilities and cognitive impairment. Usually, males are more severely affected by this disorder than females. Afer closing around 83 cents on Thursday, the stock has seen highs of $1.28 on Friday marking a total run of 54%.