Emerald Bioscience Inc (OTCMKTS: EMBI) Spikes To Two-Year Highs

Emerald Bioscience Inc (OTCMKTS: EMBI) restructuring has paid off if a spike in share price and market activity in recent months is anything to go by. The stock has registered impressive gains after powering through a tight trading range. With the stock trading in a steep uptrend, pullbacks are slowly emerging as buy opportunities.

EMBI Share Price Analysis

A 90% plus a spike in share price comes on the heels of the company changing its corporate name from Nemus Bioscience to underscore its push to become a mainstream name in Cannabinoid science. The recent rally also comes on the heels of the Drug Enforcement Authority confirming the company’s proprietary Cannabidiol Analog is not a controlled substance.Shares of Emerald Bioscience have taken off on renewed investor interest in the stock. After a recent spike, the stock is currently flirting with a critical resistance level. A rally followed by a close above the $0.90 mark, should open the door for the stock to continue climbing the ladder in continuation of the emerging uptrend.Pullbacks, on the other hand, will have to contend with support at the $0.65 level, above which the stock remains bullish. Below the $0.65 mark, the stock would be susceptible to further drops with the next stop being the $0.55 mark.As it stands, Emerald Bioscience remains well positioned to continue powering high given the improved fundamentals and the bullish momentum in the sector.

About Emerald Bioscience

Emerald Bioscience bills itself as a biopharmaceutical company focused on the discovery, development, and commercialization of cannabinoid-based therapeutics. NB1111 is the company’s lead candidate product for the treatment of glaucoma.

NB1111 Positive Clinical Data

Shares of Emerald Bioscience have taken off on the company achieving significant milestones on the development of NB1111. Immediate preclinical data has shown that the candidate drug is statistically superior in lowering intraocular pressure compared to other standards of care in the treatment of glaucoma.Clinical data has also shown that NB1111 can be relied upon to lower intraocular pressure as symptom synonymous with hypertensive glaucoma.The biopharmaceutical company has since signed an agreement with Pharmaceutical International as it eyes the development of a sterile eye drop, dosage formulation of NB1111 for human dosing.With the company, preparing to advance the lead product candidate into Phase 1b/2a clinical trial, it opted to change its name from Nemus Bioscience.The name change according to the Chief Executive Officer, Brian Murphy, accords the company an opportunity to develop a strong and unique global brand that reflects its efforts in cannabinoid science.

“Our new name better represents our relationship with the Emerald Group and our common goal to be leaders in advancing cannabinoid science. We have made strong progress in the past year. With our robust pipeline based on our proprietary bioengineered cannabinoid technology, partnerships with leading institutions, and strides in manufacturing, we are committed to developing therapies that will change the lives of patients with significant unmet medical needs,” said Mr. Murphy.

DEA Boost

The company has also received a significant boost on the DEA conducting a scientific review of its proprietary Cannabidiol Analog, cannabidiol¬valine-hemisuccinate, and concluding it is not a regulated or controlled substance.With the approval, the company can now proceed to expand the network of its clinical testing sites as it continues to test the drug. The company has already signed an agreement with Noramco as it seeks to enhance the manufacturing and scale-up of the analog cannabidiol.

“Emerald is planning to study this analog of CBD for potential use in managing diseases affecting the eye, particularly those that compromise the functioning of the optic nerve, leading to vision loss,” stated Mr. Murphy.

What Next For Emerald Bioscience

Emerald Bioscience looks set to continue its solid performance after surging to two-year highs. The surge has not come on speculation, but on improved fundamentals that underscore growth metrics.The company achieving a significant milestone in the development of its candidate drug NB1111 is a development that should continue to strengthen investor confidence.While the stock has turned bullish, it might be wise to wait for pullbacks for investors considering opening positions in the stock. Emerald Bioscience is likely to continue rewarding dip buyers.We will be updating our subscribers as soon as we know more. For the latest updates on EMBI, sign up below!Disclosure: We have no position in EMBI and have not been compensated for this article.