SciSparc (NASDAQ:SPRC) stock is taking off on Tuesday after the pharmaceutical company posted positive patent news.
The big news here is the company’s patent for “Combination of Opioids and N-Acylethanolamines for pain treatment” getting approval from IP Australia. This is worth noting, as the opioid market was valued at $22.8 billion in 2022.
Oz Adler, CEO of SciSparc, said the following about the patent news:
“The fact that SciSparc’s number of granted patents continues to grow is proof recognizing the innovation that characterizes the technologies in the Company’s pipeline. In this case, our unique technology allows us to harness the ability to treat pain through opioids while using significantly lower concentrations than those used on the market today and allows us to continue to fulfill our promise to offer both effective and safe treatments.”
SPRC Stock Movement on Tuesday
Investors in SPRC stock are reacting well to today’s patent news. That’s resulted in heavy trading of the company’s stock as they buy more shares. This has some 16 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is well below that at 856,000 shares.
SPRC stock is up 56.7% as of Tuesday morning but is down 72.5% since the start of the year.
Investors seeking out even more of the most recent stock market stories will want to keep reading!
We’re offering up all of the hottest stock market news that traders need to know about on Tuesday! A few examples include why shares are down today, as well as the latest news covering BlackBerry (NYSE:BB) and Pinterest (NYSE:PINS) stock. You can catch up on all of these matters at the links below!
More Stock Market News for Tuesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
