Why Tilray, OrganiGram Holdings, and HEXO Stock Jumped Today
High-growth stocks are back in favor with investors so far this week, and cannabis stocks are gaining today as a result. Canadian growers Tilray (NASDAQ: TLRY), OrganiGram Holdings (NASDAQ: OGI), and HEXO (NYSE: HEXO) are all reversing declines seen over the past three months. Though off intraday highs, as of 1:30 p.m. EDT on Tuesday, shares of these companies traded as follows:
In addition to general market sentiment, today's move got a boost from an analyst upgrade in the sector. Fellow Canadian cannabis company Canopy Growth (NASDAQ: CDC) was upgraded from neutral to buy at equity research firm MKM Partners. The analysts noted overall sentiment in the sector is already low, which might be why other cannabis names also reacted. There is also momentum building in the U.S. surrounding potential federal legalization, which could open a huge new market for Tilray, OrganiGram, and HEXO.
Image source: Getty Images.
Source Fool.com
