Canaccord Genuity analyst Matt Bottomley maintained a Buy rating on MediPharm Labs (MEDIF) today and set a price target of C$2.25. The company’s shares closed last Thursday at $0.92, close to its 52-week low of $0.82.
According to TipRanks.com, Bottomley is a 3-star analyst with an average return of 1.3% and a 47.7% success rate. Bottomley covers the Industrial Goods sector, focusing on stocks such as The Supreme Cannabis Company, Harvest Health & Recreation, and Vireo Health International.
MediPharm Labs has an analyst consensus of Moderate Buy, with a price target consensus of $1.46.
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Based on MediPharm Labs’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $11.09 million and GAAP net loss of $17.09 million. In comparison, last year the company earned revenue of $21.95 million and had a GAAP net loss of $509K.
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MediPharm Labs Corp has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulation without first receiving a cannabis cultivation license. The focus on cannabis concentrates from current Good Manufacturing Practices and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-grade cannabis oil and concentrates for derivative products. The company has invested in research-driven team, technology, downstream extraction methodologies and purpose-built facilities to deliver safe and precisely-dosed cannabis products to patients and consumers.
