What’s Behind This Marijuana Stock Soaring 81.5% in December?

What happened

After the company announced its progress in developing drugs derived from marijuana cannabinoids, shares of Insys Therapeutics (NASDAQ:INSY) shot up 81.5% in December, according to SP Global Market Intelligence.

So what

Insys Therapeutics would probably like a do-over on the first 11 months of 2017, but shares came roaring back in December after management reported a string of advances that included progress in its medical marijuana research program.

A doctor is sitting at a desk, writing notes while looking at marijuana.

Image source: Getty Images.

On Dec. 6, Insys Therapeutics announced that the FDA had accepted its application for approval of buprenorphine sublingual spray for moderate to severe pain and set a target decision date of July 28, 2018. The company believes that its formulation of buprenorphine offers advantages over existing opioid options and if it wins approval, it will become the company’s third FDA-approved

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