CannTrust's stock turns lower in NYSE debut, but Jefferies says 'buy'

Tomi Kilgore - finance.yahoo.com Posted 5 years ago

Shares of CannTrust Holdings Inc. opened on the NYSE with a nice gain, before swinging into the red in midday trading. The Canada-based cannabis company's stock opened on the Big Board at $9.96, or 3.8% above the last closed on the OTC Markets at $9.60, before turning lower. It was down as much as 4.6% at the intraday low of $9.16, before bouncing slightly be to be down 3.9%. Meanwhile, Jefferies analyst Owen Bennett started coverage of CannTrust with a buy rating, saying the company has one of the strongest medical businesses in Canada. "We think [CannTrust] is a very smart, consistent operator that has slipped under the radar, maybe a function of a non-U.S. listing," Bennett wrote in a note to clients. "We expect its strength to become increasingly evident over the next 12 months which should drive upside." The stock has lost 33% over the past 12 months, while the ETFMG Alternative Harvest ETF has hiked up 13% and the S&P 500 has edged up 2.2%.

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