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Avicanna Inc
Symbol AVCN
Shares Issued 45,858,596
Close 2021-11-16 C$ 0.74
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Globe says Avicanna cut by two levels to "underperform"

2021-11-16 08:29 ET - In the News

The Globe and Mail reports in its Tuesday edition that Raymond James analyst Rahul Sarugaser has downgraded Avicanna by two levels, to "underperform" from "outperform." The Globe's David Leeder write in the Eye On Equities column that Mr. Sarugaser swung an axe at his share target, cutting it by $1.80 to 70 cents. The Globe notes that Mr. Sarugaser is currently the lone analyst publicly covering the stock. Mr. Sarugaser sees Avicanna "resetting itself to drive momentum in its sales organization." He sees "seeds of this momentum in Avicanna's 25-per-cent quarter-over-quarter revenue escalation into the third quarter of this year, and the preceding 167-per-cent quarter-over-quarter revenue escalation into the second quarter." Mr. Sarugaser says in a note: "Seeing this company hit its first $1-million revenue quarter is, in our eyes, a major milestone. While clinical development is a key part of this company's DNA -- and, indeed, clinical development initiatives are proceeding in LATAM and Canada -- we see Avicanna evolving into an international sales organization, and view this positively." The Globe reported on Aug. 19, 2020, that Mr. Sarugaser boosted his rating to "outperform." The shares were then worth $1.42.

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