uploads///seedling _

Eight Capital Cut Aphria’s Target Price

By

Dec. 6 2018, Updated 8:05 a.m. ET

Aphria continued to fall

Aphria (APHQF) (APHA) has been reeling due to scandalous allegations regarding the company’s business activities. There doesn’t seem to be a bottom for the stock. Aphria stock lost nearly 25% on December 5. The stock has lost 42% in the three trading days in December.

Article continues below advertisement

Downward spiral

On December 5, we published Aphria Continued to Fall despite the Company’s Defense. We discussed that a number of law firms are investigating the company. Since then, more law firms have announced investigations.

We discussed that Aphria received analyst downgrades this week, which continued on December 5. Eight Capital cut its target price to 7 Canadian dollars from 22 Canadian dollars, which translates into nearly a 68% decline in Aphria’s target price.

Aphria’s issues brought back all of the fears related to the cannabis industry. Canopy Growth (WEED) fell 10%, Aurora Cannabis (ACB) (ACBFF) fell nearly 12.8%, and Cronos Group (CRON) fell nearly 8.4% on December 5.

Looking at the overall cannabis sector, represented by the Horizons Marijuana Life Sciences ETF (HMMJ), the sector fell nearly 7.4% on December 5. The overall market sentiment was bearish on December 5. The S&P 500 Index fell 3.2%.

Advertisement

More From Market Realist

  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.