October 10, 2019 / 7:53 PM / 2 months ago

CORRECTED-BUZZ-Tilray on a round trip

(Corrects to say ~$450,000 worth, not ~$450 mln in 4th bullet)

** Tilray shares falling sharply on Thurs after cannabis maker Hexo Corp withdraws its 2020 forecast and drags peers lower

** TLRY recently down 12.2% to $20.95 and now about $4 above its $17 Jul 2018 IPO price. This after stock soared to as high as $300 just 2 mths after its debut

** Pot stocks have been under pressure and short sellers are raising their bets against the industry as profits dwindle

** Meanwhile, last Thurs CEO Brendan Kennedy disclosed a sale of 18,461 shares (~$450,000 worth) at $24.18 on Oct 1

** A month ago, Tilray filed to sell $400 mln of stock through an “at the market offering” (ATM) agreement with Cowen

** Per Refinitiv, avg rating among 18 brokerages covering TLRY is “hold”; median PT is $52, or 150% above recent levels

** Stock has fallen 70% YTD

** Other weed cos dropping Thurs: Sundial Growers ~15%, Apria Inc ~14%, Canopy Growth 10%, Aurora Cannabis 7.5%

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