Aphria (NASDAQ: APHA) flew as high as 15.7% on Friday before the buzz started to wear off. The stock mellowed to a 2.6% gain on the day. The ride in the sky was due to several analysts raising their price targets on the company, which tends to happen just after a successful quarterly results release.
On Thursday, Aphria unveiled its Q2 of fiscal 2021 earnings , revealing good top-line growth that beat analyst estimates. The company also managed to deliver a surprise: It eked out a small net profit on a non-IFRS (adjusted) basis, a rare feat in the ever-struggling marijuana industry.
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Why Marijuana Stock Aphria Climbed as High as 15% Today