Investor sentiment toward the cannabis industry continues to be weak. During the day on August 1, Aphria sank 8.2%, closing at 10.60 Canadian dollars, while its peers Canopy Growth (WEED) and Aurora Cannabis (ACB) (ACBFF) fell 2.2% and 2.6%, respectively. Tilray (TLRY), which debuted on July 19, closed 2.2% higher that day. Year-to-date, Aphria has fallen 43%, while the benchmark index Horizons Marijuana Life Sciences ETF (HMMJ) has fallen 23.7%.
Despite Aphria reporting losses, PI Financial upgraded its price target for the stock to 28 Canadian dollars from 26 Canadian dollars. That target would give an upside of almost 164%. The stock has a “buy” rating.