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RedHill Biopharma Ltd announced positive observations from a Phase 2 study of RHB-107 (upamostat) in non-hospitalized symptomatic COVID-19 patients in the peer-reviewed International Journal of Infectious Diseases. According to the results, there was a 100% reduction in hospitalization due to COVID-19, with zero patients (0/41) on the RHB-107 treated group versus 15% (3/20) hospitalized on...

Canopy Growth announced its quarterly earnings results that missed analysts’ expectations. The cannabis company reported ($1.46) loss per share for the quarter, missing the consensus estimate of ($0.24), Briefing.com reports. Revenue of $126.10 million, down 24.7% from the year-ago quarter, also was below analyst estimates of $130.34 million. Cash was at $1.4 billion as of the quarter’s end,...

Cronos Group reported its quarterly earnings that surpassed analysts’ expectations. The cannabis research company’s earnings came in at $0.21 per share for the quarter, beating the Zacks' consensus estimate of $0.13. Earnings in the prior-year quarter were $0.19 a share. Revenue rose +79.6% from the year-ago quarter to $20.40 million, compared to analysts' expectations of $23.03 million...

 

For the third quarter ended March 31, the cannabis company reported a loss of -C$0.85 a share, wider than the -C$0.25 a share loss anticipated by analysts polled by FactSet.The company’s revenue came in at C$55.2 million, compared to C$68.7 million expected by analysts.

Aurora also said that it plans to file for a new US$300 million at-the-market stock sale program.

Cannabis company Canopy Growth announced that it would buy Supreme Cannabis for C$435 million (US$346 million) in a stock-and-cash deal. Under the terms of the deal, Canopy Growth will pay 0.01165872 share and C$0.0001 cash for each share of Supreme. The deal is expected to close in June, conditional upon regulatory and court approvals, and a vote of Supreme Cannabis shareholders. Earlier...

A mix-up of ingredients of Johnson & Johnson’s ( J&J ) COVID-19 vaccine and Astra Zeneca’s at an Emergent BioSolutions (EBS) manufacturing plant in Maryland ruined 15 million doses of J&Js vaccine, leading to deliveries getting halted. The mix-up occurred about two weeks ago, and all shipments from the plant have been halted by the Food and Drug Administration. The latter in probing into the...

Cannabis company Canopy Growth got a rating downgrade from Jefferies on valuation. Analysts at Jefferies lowered their rating on the company’s shares to underperform from hold. Their price target is $23.03. Analyst Owen Bennett argued that while bulls will suggest that Canopy's multiple is deserved given possible near-term U.S. entry, it is still “too expensive” even though its U.S...

On Tuesday, Canadian cannabis company Canopy Growth reported fiscal third-quarter revenue that surpassed analysts’ expectations. However, the company incurred a loss during the period. The company’s revenue grew +23% year-over-year to a record-setting $152.5 million in the three months ending Dec. 31, 2020. Canopy Growth’s fiscal third-quarter net loss came in at -C$829 million (-US$651.1...

On Tuesday, Alkermes Plc. announced that the U.S. Food and Drug Administration (FDA) accepted the company's resubmission of its new drug application for its treatment of schizophrenia or bipolar 1 disorder. 

The FDA classified the resubmission as a complete, Class 2 response to the Complete Response Letter (CRL) issued in November 2020.Last month, the FDA had  turned away Alkermes’ ALKS 3831 candidate, since it had concerns  with conditions related to the tablet-coating process.

Alkermes said it will continue to work closely with the FDA as it completes its review of ALKS 3831.

The pharma company said that it wants to make the treatment available to patients as soon as possible. 

Canadian cannabis company Tilray Inc. announced plans to merger  with Aphria Inc. .The deal would create the world's largest cannabis company by revenue.

CNBC’s Sara Eisen tweeted that a deal announcement could come as early as Wednesday, following a Bloomberg Canada report.

 The merged entity would have Tilray as its name, Aphria shareholders would own a larger stake and a majority of the board seats.  The all-stock deal will create a company with an equity value of about C$4.8 billion ($3.8 billion).  The combined companies’ 12-month annual sales of C$874 million is higher than that of industry leaders such as Curaleaf Holdings Inc. and Canopy Growth Corp.

 The merged operation could likely move  its headquarters to the U.S. ,according to the report. 

Aurora Cannabis announced that it was retrenching about 700 employees, and closing five production facilities.It also expects to record a charge of up to $140 million in the carrying value of certain inventory. Tickeron's AI-powered scorecard rates Aurora Cannabis a STRONG SELL. ACB enters a Downtrend because Momentum Indicator dropped below the 0 level on June 05, 2020 This indicator signals that ACB's price has further to drop, since it moved below its price 14 days ago.

Canopy Growth reported a wider-than-anticipated loss for its fiscal fourth quarter. The cannabis company’s  net loss for the quarter came in at - C$3.72 a share, compared to the -44 cents a share loss expected by analysts polled by FactSet.The year-ago quarter’s loss was -C$1.10 a share. However, sales increased to C$115.1 million (from the year-ago quarter’s C$106.5 million). Due to the coronavirus pandemic, Canopy is withdrawing its prior guidance for positive adjusted EBITDA and net income. Tickeron's A.I.-powered scorecard rates Canopy Growth a STRONG BUY. Current price $17.18 crossed the support line at $17.64 and is trading between $17.64 support and $15.10 support lines. Throughout the month of 04/27/20 - 05/28/20, the price experienced a +24% Uptrend.

Carter  cited “Uncertainty surrounding the company’s inability to file its SEC filings and the investigation around its revenue recognition practices,” as a factor behind the downgrade. Last week, Cronos indicated that it would postpone its earnings release scheduled for Feb. 27 to March 17.The company attributed the delay to a  review by the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions. Nevertheless, Carter   believes that Cronos  will eventually demonstrate  a differentiated revenue growth profile by fulfilling the early demands of the Canadian vapor market and making innovation conducive to winning in the global cannabis category.  

A Cowen analyst affirmed an outperform rating on Aurora Cannabis stock. Analyst Vivien Azer based the rating on her expectations  for the cannabis company to more carefully control production costs, selling, general and administrative expenses and capital spending, while restructuring debt covenants.She feels “encouraged” that Aurora’s inventory levels are in focus, and that that should aid better working capital management. According to Azer, Aurora is well-positioned to benefit from the legal recreational cannabis market in Canada and global medical cannabis market. However, Azer also mentioned risks of lower-than-expected revenue and profit - due to stricter regulations on cannabis, and possibilities of consumer demand lagging expectations and supply-chain execution undergoing challenges.

Tilray Inc. shares extended declines in pre-market trading Wednesday, after the company reported a wider-than-expected third quarter loss on sharp decline in Candian pot prices. For the three months ending in September, the cannabis company’s loss came in at -36 cents per share, 7 cents wider than the Street consensus expectation. Revenues  jumped four-fold from the year-ago quarter to $51.1 million. However, the average selling prices halved to $3.25 per gram and spending costs climbed nearly four times higher compared to last year – factors that squeezed Tilray’s bottom line. Looking ahead, Tilray projects inventory levels to begin to decrease in 2020.Inventories  have had been rising following Canada's legalization of recreational marijuana use in October of last year.

Bausch Health posted third-quarter revenue that surpassed analysts’ expectations.The company also boosted its revenue guidance. In the third quarter, the pharmaceutical company’s revenue increased to $2.21 billion ( from $2.14 billion a year earlier), beating analysts’ estimate of $2.16 billion. Bausch reported a loss of -$49 million, or -14 cents a share - compared to a loss of -$350 million, or -$1 a share in the year-ago quarter. Adjusted net income for the quarter came in at $425 million, up from $403 million a year earlier. Looking ahead, Bausch Health now expects a revenue range of $8.475 billion to $8.625 billion for the full-year 2019, up from its previous guidance of $8.4 billion to $8.6 billion. CEO Joseph Papa emphasized on the strength of the company's long-standing brands, Xifaxan, BioTrue Oneday and Bausch + Lomb Ultra, as well as successful performances of newer products, such as Lumify and Thermage.

The bank also slashed its price target to $27 from $46 - the latter being a slight upside from the stock's closing price Thursday of $27.74. Bank of America analyst Christopher Carey is hopeful of Canopy’s long-term potential to be a leader in the burgeoning global cannabis market.Health risks like respiratory problems that are being associated with  vaping is a headwind to cannabis stock sentiment, as hinted by Carey. Meanwhile, consensus analyst expectations are pointing towards double-digit quarter-over-quarter revenue growth from Canopy in the second half of 2019.

The company has performed extremely well in recent years, both fundamentally and in its price performance. Zoetis just saw a bullish signal generated by the Tickeron Trend Prediction Engine on September 15.Past predictions for Zoetis have been successful 76% of the time. Looking at the daily chart for the stock we see that the stock has been trending higher since December and a trend channel has formed to define the various cycles within the overall upward trend.

) Last week, Aurora Cannabis reported quarterly revenue that increased +52% to C$98.9 million ($75 million), but fell short of Wall Street consensus of $78 million.Cannabis sales volumes over the April to June period, nearly doubled from the prior quarter to 17,793 kilograms, but average selling prices dropped -16.8% from the third quarter to C$5.32 per gram on increased supply of lower-yielding recreational marijuana in the domestic market.