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APHA Rises along with the Cannabis Sector

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May. 24 2019, Published 1:42 p.m. ET

Cannabis sector rising

The overall cannabis sector was up in the first half of the day on May 24. Aphria (APHA) led the pack with an 8% increase after Jefferies initiated coverage on its stock with a “buy” rating and a price target of 15 Canadian dollars.

The sector benchmark, the Horizons Marijuana Life Sciences ETF (HMMJ), was up 0.81%, while the ETFMG Alternative Harvest ETF (MJ) was up nearly 1.2% as of around noon. Let’s look at the movements of other cannabis sector stocks so far today.

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CRON, HEXO, and IIPR gain

Cronos Group (CRON) was also on the rise in the first half of the day with a gain of ~2% as of around noon. HEXO (HEXO) wasn’t far behind with a rise of 1.8% as of the same time. Earlier today, we reported the recent changes in HEXO’s price target along with its valuations. Read HEXO’s Target Price Gets an Upgrade in May for more info.

Innovative Industrial Properties (IIPR) was also in the green in the first half of the day with a rise of 1.2%, followed by Green Thumb Industries (GTBIF), which was up nearly 1% at around noon. KushCo Holdings (KSHB) and OrganiGram (OGI) both gained 1.9% and 4.9%, respectively, in the first half. Aurora Cannabis (ACB) gained nearly 0.63%.

In contrast, Tilray (TLRY) was down 1.4%, and Slang Worldwide was down nearly 7.7% as of around noon.

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