Why OrganiGram Shares Tumbled 13.6% Today
After competitor HEXO (NYSE: HEXO) reported third-quarter financial results that fell shy of expectations -- forcing it to rescind its sales guidance for 2020 -- shares of OrganiGram Holdings (NASDAQ: OGI) lost 13.6% of their value on Thursday in sympathy.
Only days after the surprise resignation of its chief financial officer, HEXO today reported preliminary fiscal fourth-quarter results that fell far short of its guidance. HEXO now expects audited revenue in a range of 14.5 million to 16.5 million Canadian dollars ($10.9 million to $12.4 million) in fiscal Q4, which is well below the CA$30-million-plus that management implied in its fiscal third-quarter earnings conference call.
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Source Fool.com
