What happened: Jefferies analyst Owen Bennett took Tilray from Underperform to Buy and raised his price target from $ 4.77 to $ 23. Bennett described the merger between Tilray and Aphria Inc (NASDAQ: APHA) as a “perfect match”. The merged company will clearly be a leader well positioned to take market share in the Canadian cannabis market, he said.
Closing of the merger: The companies announced on Monday the completion of the previously announced business combination. The combined company will operate under the name Tilray and will continue to trade under the ticker symbol “TLRY”.
Related link: Tilray, Aphria close merger, create the “new” Tilray
“We are now focused on executing our highest performance priorities, including business integration and accelerating our global growth strategy,” said Irwin Simon, president and CEO of Tilray.
Price action: Tilray traded as high as $ 67 and as low as $ 4.41 over a 52 week period. At the last check on Friday, the stock was up 14.30% to $ 16.17.
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