MediPharm Labs Corp. (TSE:LABS)’s stock price hit a new 52-week low on Wednesday after an insider sold shares in the company. The stock traded as low as C$0.22 and last traded at C$0.22, with a volume of 257314 shares trading hands. The stock had previously closed at C$0.23.
Specifically, Director Patrick Mccutcheon sold 172,000 shares of the company’s stock in a transaction on Wednesday, November 17th. The shares were sold at an average price of C$0.25, for a total value of C$42,140.00. Following the completion of the sale, the director now owns 7,893,240 shares in the company, valued at approximately C$1,933,843.80.
A number of research firms recently commented on LABS. Alliance Global Partners cut shares of MediPharm Labs to a “hold” rating and set a C$0.35 price objective for the company. in a research report on Tuesday, November 16th. Canaccord Genuity cut MediPharm Labs from a “speculative buy” rating to a “hold” rating and lowered their target price for the stock from C$0.70 to C$0.35 in a report on Tuesday, November 16th.
MediPharm Labs Company Profile (TSE:LABS)
MediPharm Labs Corp., together with its subsidiaries, produces and sells pharmaceutical-grade cannabis oil and concentrates, and advance derivative products in Canada and Australia. It formulates, processes, packages, and distributes cannabis extracts and cannabinoid-based products. The company was founded in 2015 and is headquartered in Barrie, Canada.
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