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Why Were Cannabis Stocks Mixed Last Week?

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Jun. 24 2019, Published 7:31 a.m. ET

Cannabis stocks

In the week ending June 21, cannabis stocks were broadly mixed. Aurora Cannabis (ACB) and Canopy Growth (WEED) fell ~4.7% and 3.6%, respectively. Last week, Canopy Growth stock faced pressure. The company reported its earnings, which missed the mark. The negative sentiment was also carried over to other players including Aphria (APHA), which lost ~1% last week. However, there were some gains last week.

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Gains

In the week ending June 21, Cronos Group (CRON) gained almost 3.2%. Organigram (OGI) ended last week in the positive territory with a gain of ~1.3%. CannTrust (CTST) ended 0.45% higher during the same period.

Earlier in June, Cronos Group was one of the stocks that Bank of America Merrill Lynch upgraded. Bank of America Merrill Lynch gave Cronos Group a “buy” rating compared to its previous “underperform” rating. The stock was also given a target price upgrade from 17 Canadian dollars to 27 Canadian dollars to be achieved over the next 12 months. Cronos Group closed at 21 Canadian dollars on June 21, which would leave a potential upside of 28% if the prices converge to that target.

The Horizons Marijuana Life Sciences ETF (HMMJ) gained 1%, while the Emerging Marijuana Growers Index ETF (HMJR) fell 4% last week.

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