Aphria Stock Aims Higher on Analyst Adjustment

APHA calls are incredibly popular right now

Deputy Editor
Jul 13, 2020 at 10:38 AM
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The shares of cannabis company Aphria Inc (NASDAQ:APHA) are up 5.1% at $4.52 at last check, after an upgrade from Stifel to "buy" from "hold," with an added price-target hike to C$8 from C$5.30. The firm said Aphria is "primed to build upon its success" in Canada and on a global scale. 

With support firmly in place at the $4 region since late May, APHA is now breaking out above recent pressure at the 20-day moving average. Still, the equity is down 27.3% year-over-year, and is struggling to push out from under the penny stock umbrella. 

Coming into today, six out of eight analysts called Aphria stock a "buy" or better, while only two lingered at a tepid "hold" rating. Meanwhile, the consensus 12-month price target of $5.30 is a 12.7% premium to current levels.

This bullish sentiment is carrying over into the options pits as well, with 33.42 calls bought for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 97% of readings in its annual range, suggesting a much healthier appetite for long calls as of late. 

 

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