Aurora Cannabis soars on the news it's hiring hedge-fund manager Nelson Peltz as adviser
The stock ACB, +10.43% ACB, +9.77% soared 12.5% in early trade. Peltz, the founder of Trian Fund Management L.P., is a well known activist investor who has run campaigns to shake up management and operations at a range of companies, including Procter & Gamble Co. PG, +1.02% the former DuPont and Dow Chemical, newly merged as DowDuPont Inc. DWDP, +1.04% and General Electric Co. GE, +1.08% He is chairman of fast-food chain Wendy’s Co. WEN, +0.
Jefferies has a buy rating on Aurora stock and a $12 price target, equal to about 13% above its priors-session closing price. In other news, comedian, author and activist Chelsea Handler has become an investor in Civilized, a digital content provider that aims to build brands and events in the cannabis sector.
The New York-based company said revenue grew to $10.5 million from $2.2 million in the year-ago period. The company does not have enough analyst coverage for FactSet to provide accurate consensus estimates. Acreage did not release financial tables with its earnings or a full management discussion and analysis.
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