Last week, the cannabis ETFs were under pressure. During the week, the ETFMG Alternative Harvest ETF (MJ) and the Horizons Marijuana Life Sciences Index ETF (HMMJ) declined by 8.0% and 8.1%, respectively.
Today, MJ was down by 0.5% at 1:55 PM EDT, while HMMJ was trading 0.5% higher. The broader US equity market was marginally in the green, while the cannabis stocks saw mixed performance figures.
Aurora Cannabis rose 1.7%
Last week, Aurora Cannabis (ACB) had lost 15.2% of its stock value. On Friday, MKM Partners initiated coverage on Aurora Cannabis with a “sell” rating. This move, along with the weakness in the cannabis sector, appears to have dragged the company’s stock price down.
ACB’s stock price has been on a downward slide since reporting lower-than-expected Q4 revenue on September 11. The company has lost 21.6% of its stock value since reporting its results.
However, the company was trading in the green today. At 1:55 PM EDT, the company was trading 1.7% higher than its previous day’s closing price.
Curaleaf introduces new products in New York
Today, Curaleaf Holdings (CURA) (CURLF) introduced its Ground Flower Pods at its Carle Place dispensary in New York. These products are the state’s first medical cannabis flower products. The company plans to expand the product to all four dispensaries in the state in the next few weeks. Despite the announcement, the company was trading 0.5% lower than its previous day’s closing price.
Year-to-date, the company has returned 64.6% through September 20. After reporting its second-quarter earnings, the company’s management provided a bullish outlook for fiscal 2020. This optimistic outlook, along with the company’s recent acquisition of Select and Grassroots Cannabis, appeared to spark a rise in the company’s stock price.
HEXO continues to rise
After rising 11.5% on Friday, HEXO (HEXO) continued its upward momentum today as well. The stock was up by 2.2% at 1:55 PM EDT. On Friday, MKM Partners had initiated its coverage on HEXO with a “buy” rating, which led to a rise in the company’s stock price.
For more on analysts’ ratings and price targets, please read HEXO: Analysts’ Target Price and Ratings. Year-to-date, the company has returned 24% through September 20. This year, the company has outperformed the broader equity market and its peers.
Tilray was trading in the red
Today, Tilray (TLRY) was trading 1.5% lower. On Friday, MKM Partners had initiated its coverage on Tilray (TLRY) with a “hold” rating. On September 3, Cowen and Company cut its price target for the stock from $150 to $60.
Year-to-date, the company’s stock price has declined 58.9% through September 20. The higher-than-expected net losses in its second quarter contributed to a drop in the company’s stock price.