Shares of Aurora Cannabis fell -4.7% in premarket trading Monday, after a rating downgrade from analyst Stifel Nicolaus .
Stifel Nicolaus lowered his rating on the medical marijuana company’ shares to sell from hold. The analyst also cut his price target to C$5 ($3.78) from C$7 ($5.27.)
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.