Penny Stock Lighting Up After Weed News

But AKER is running out of steam today at a key trendline

The top stock on the Nasdaq so far today is Akers Biosciences Inc (NASDAQ:AKER), up 70% to trade at $2.12, after the company announced plans to enter the cannabis industry. More specifically, the medical device maker's board met with numerous marijuana-related companies recently at a conference in Las Vegas.

This is shaping up to be AKER's best day since September 2013. However, the shares are starting to run out of steam at their 160-day moving average, a trendline that has kept a lid on any breakout attempts since a late-May bear gap. Prior to today's burst, the stock had a 15% gain in 2018.

Given the popularity of weed stocks recently, AKER could be in the news much more often now. If that's the case, analysts may start covering the stock, which has no ratings at last check.