Organigram stock soars 35% after earnings and boosts broader cannabis sector
Organigram shares soared more than 35% Wednesday and helped lift the broader cannabis sector higher, after the company’s first-quarter revenue more than doubled and beat analyst estimates.
“A return to the Organigram of old,” is how Jefferies analyst Owen Bennett described the numbers.
“Given the high bar they had set themselves and two quarters of declining financials, this print should be a relief that headwinds were temporary and supports our confidence which sees OGI OGI, +4.14% as one of our preferred picks in the cannabis industry,” Bennett wrote in a note to clients.
Organigram posted net revenue of C$25.2 million ($19.3 million) for the quarter to end November, up from C$12.4 million a year ago, beating the FactSet consensus estimate of C$21 million. The previous year’s qua ...