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Wednesday, January 20, 2021

A Hard Look at Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX)

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Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) has continued to trace out a tight consolidation pattern in recent action. Our sense is that the stock is looking for a new catalyst. The company’s innovative approach to diagnostics and tailoring cannabinoid treatment programs got the market revved up in February. But the $3.00 level is being tested hard of late as stable chart support and we would expect there are plenty of long-time holders of the stock that find themselves sitting up by 1000-2000% in the last few months. This level may be quite an inviting exit ramp without some new logs on the narrative fire.

In terms of recent action, traders will note in excess of 150% added to share values of the stock over the past month. This is emblematic of the stock. CNBX is a stock who’s past is littered with sudden rips. Furthermore, the company has seen interest climb, with an increase in recent trading volume of topping 350% beyond its prior sustained average level. Traders should note this as important given the stock’s relatively small trading float of about 25M shares. A tight float and a ramp in volume can produce fireworks on the tape.

Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) bills itself as a U.S based public company dedicated to the development of Personalized Anti-Cancer and Palliative treatments.

The company has been an exciting story in the space, with reports of a diagnostics technology supposedly positioned to revolutionize the way physicians identify disease in cancer patients in terms of a coordinated cannabinoids therapy program.

The Company’s R&D is based in Israel, where it is licensed by the Ministry of Health for its work in both scientific and academic research as well as current clinical studies underway at Rambam Hospital.

The Company’s focus is on harnessing the therapeutic properties of natural Cannabinoid formulations and diagnostics. Cannabics’ vision is to create individually tailored natural therapies for cancer patients, utilizing advanced screening systems and personalized bioinformatics tools

Its flagship product is Cannabics SR, a long-acting medical cannabis capsule that shows therapeutic effects as a palliative care therapy for cancer patients.

The Company’s scientific focus is on identifying and harnessing the therapeutic properties of specific natural Cannabinoids. Cannabics’ vision is to create individually tailored therapies for cancer patients, utilizing advanced screening systems and personalized bioinformatics tools.

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As noted above, the stock has been an extreme outperformer in the cannabis patch so far in 2017. The excitement stems from the company’s proprietary technology that appears to be some form of liquid biopsy diagnostics capable of producing a read on cancerous material refined toward a menu of treatments personalized for someone’s individual cancer type. That menu of treatments is all based on cannabinoid therapies provided by CNBX.

This is the narrative that took shape over the first couple months of 2017. In response, we saw the stock rocket higher in a classic explosive technical breakout, launching off of a test of the 50-day simple moving average as key support in late January at around $0.80/share. At this point, one can generously make a case that we are tracing out a symmetric triangle pattern, though one might be less generous and suggest it has the contours of a more bearish descending triangle.

In either case, from a technical standpoint, there is little question about what the key is: the stock needs to demonstrate in action that the bid undergirding the $3/share level is real accumulation (ie, any breaks under the level do not stretch into open field trading on the downside, but instead quickly see the level recovered).

Earning a current market cap value of $343.8M, CNBX has a store ($278K) of cash on the books, which compares with virtually no total current liabilities. The company is pulling in trailing 12-month revenues of $113K. However, the company is seeing recent declines on the top line on a sequential quarterly basis. As more color becomes clear on the name, we will review the situation and update our take. For continuing coverage on shares of $CNBX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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