Origin Agritech Ltd
Change company Symbol lookup
Select an option...
SEED Origin Agritech Ltd
DFFN Diffusion Pharmaceuticals Inc
PCSB PCSB Financial Corp
BHB Bar Harbor Bankshares
EH Ehang Holdings Ltd
CNSL Consolidated Communications Holdings Inc
WLFC Willis Lease Finance Corp
HCI Hci Group Inc
CINR Ciner Resources LP
AGS PlayAGS Inc
Go

*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Consumer Staples : Food Products | Small Cap Value
Based in China
Company profile

Origin Agritech Limited is a holding company. The Company, along with its subsidiaries, is an agricultural biotechnology company. The Company’s segment is Agri-biotech and product development. In addition, State Harvest has built a capacity for breeding technologies, including marker-assisted breeding and doubled haploids technologies. The Company’s activities include the specialization in the research and development.

Closing Price
$3.26
Day's Change
-0.226 (-6.48%)
Bid
--
Ask
--
B/A Size
--
Day's High
3.61
Day's Low
3.12
Volume
(Heavy Day)
Volume:
82,838

10-day average volume:
19,151
82,838

UPDATE: Cannabis stocks a sea of red as Green Organic's financing woes weigh

9:50 am ET October 19, 2019 (MarketWatch)
Print

By Ciara Linnane, MarketWatch

Cowen analysts cut their stock price targets on a swath of U.S. and Canadian names on concerns about the vaping crisis

Cannabis stocks were a sea of red on Friday, weighed down by Green Organic Dutchman's 14% decline after it said it would cut costs and adopt a plan to reduce its financing needs as it grapples with a smaller-than-expected Canadian market.

The Toronto-based company (TGOD.T) has been working to find alternative financing to raise the funds needed to complete construction of some of its facilities, after the financing on offer was prohibitively expensive. The company has now hired an adviser and plans to scale back its selling, general and administrative expenses and adopt a new construction and operating plan that will build out a Quebec facility in smaller phases.

The company estimates that it needs C$70 million ($53 million) to C$80 million between now and the end of the second quarter of 2020 to carry out the plan.

"With the current Canadian legal market being smaller than initially anticipated, mainly due to a slow rollout of retail locations in key provinces, we believe that our revised plan will allow TGOD to right size its production to capture the organic segment, while maintaining optionality to quickly accelerate and expand as more retail locations begin to open," Chief Executive Brian Athaide said in a statement.

For more, see:One year on, Canada's legal cannabis market is down but not out (http://www.marketwatch.com/story/one-year-on-canadas-legal-cannabis-market-is-down-but-not-out-2019-10-17)

There was more bad news in a note from Cowen analysts cutting stock price targets on a range of U.S. and Canadian cannabis companies, on concerns that the vaping-related lung disease that has spread across the U.S. will create near-term pressures.

Read: Mitch McConnell meets with pot execs in California, pitched need for cannabis banking reform (http://www.marketwatch.com/story/mitch-mcconnell-travels-to-california-where-pot-execs-pitch-need-for-cannabis-banking-reform-2019-10-09)

Analysts led by Vivien Azer also cited structural issues in the Canadian market including slower-than-expected market growth and formation.

The vaping disease has killed at least 33 people and sickened 1,479, according to the latest data from the Centers for Disease Control and Prevention (https://www.cdc.gov/tobacco/basic_information/e-cigarettes/severe-lung-disease.html). For the FDA, the issue is a Catch 22, said Cowen, because it wants to keep vapes on the market as an aid for adults seeking less harmful alternatives to cigarettes, but at the same time wants to avoid addicting a new generation to nicotine.

"With that in mind, it is no surprise that the agency continues to adjust its policies as the mandate to protect broader public health is increasingly trumping the potential health benefits to existing smokers," Azer wrote in a note to clients.

The most likely move will be a ban on flavored nicotine products, which has already started in some states. For cannabis companies, the concern is that many patients appear to have been sickened by THC products, albeit those purchased on the black market. Cowen is keeping a careful eye on the rollout of derivative products in Canada called Cannabis 2.0. which will bring edibles, vapes and other products to the market in December.

"While all indications thus far have been that vapor will continue to be allowed on the market in December, there is a risk that Health Canada and/or the individual provinces could put a temporary halt on the category launch," Azer wrote.

Cowen cut its stock price target on Aurora Cannabis (ACB.T) (ACB.T) to C$8 ($6) from C$12; it lowered Cronos (CRON.T)(CRON.T) to C$12 from C$17; lowered Sundial Growers (SNDL) to C$15 from C$20; lowered Tilray (TLRY) to $50 from $50 and cut market leader Canopy Growth (WEED.T)(WEED.T) to C$40 from C$48.

Turning to U.S. cannabis companies, Azer cut his price target on Acreage Holdings to $6.50 from $9.00; cut Cresco Labs to $13 from $14; cut Curaleaf Holdings (CURA.L) to $9.50 from $10.50; slashed Greenlane Holdings (GNLN) to $10 from $21; cut Green Thumb Industries to $17.50 from $18.50; cut KuschCo Holdings (KSHB) to $4.00 from $7.50; and lowered retailer MedMen Enterprises (MMNFF) to 85 cents from $1.50.

In the tobacco sector, the analyst cut Turning Ponit Brands (TPB) to $31 from $49 and lowered British American Tobacco (BATS.LN) (BATS.LN) to 2,700 pence from 3,100 pence.

See: Aphria profit didn't come from selling marijuana (http://www.marketwatch.com/story/aphria-profit-didnt-come-from-selling-marijuana-2019-10-15)

KuschCo stock was down 1.9%, after Benchmark downgraded the California vape maker to speculative buy from buy, (http://www.marketwatch.com/story/kushco-stock-falls-after-benchmark-downgrade-on-concerns-vaping-related-lung-illness-will-hurt-sales-2019-10-18) also citing vaping concerns.

The ETFMG Alternative Harvest ETF (MJ) was down 2.7%, with 33 of its 39 constituent stocks declining. The Horizons Marijuana Life Sciences ETF was down 3.4%, with 36 of its member stocks falling.

The S&P 500 was down 0.3% and the Dow Jones Industrial Average was off 0.6%.

Cannabis Watch: Click here for all of MarketWatch's coverage of cannabis companies (http://www.marketwatch.com/storyno-meta-for-guid)

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 19, 2019 09:50 ET (13:50 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.