Neptune Wellness shares fall for a second straight session on Thursday, company adds two new roles to support its growth

August 23, 2019 8:35 am

In order to support its business expansion, Neptune Wellness Solutions Inc announced on Thursday the appointment of Stephen Lijoi as Vice-President Operations and that of José Dominguez as Cannabis Sommelier and Formulation Specialist.

Shares of Neptune Wellness Solutions Inc (NEPT) closed lower for a second consecutive trading session on NASDAQ on Thursday. The stock went down 0.46% ($0.02) to $4.30, after touching an intraday low at $4.17, or a price level not seen since August 20th ($4.15).

Shares of Neptune Wellness Solutions Inc have risen 69.29% so far this year, following a 7.63% gain in 2018.

In Toronto, the marijuana stock went down 1.04% (CAD 0.06) on Thursday to close at CAD 5.71.

Having nearly 30 years of experience in areas such as quality assurance and oversight of all aspects of pharmaceutical and nutritional supplement manufacturing operations, Stephen Lijoi is to oversee all extraction, manufacturing and packaging operations at Neptune’s two factories – in Sherbrooke (Quebec) and Conover (North Carolina).

“We are pleased to have Stephen join us at this stage of our expansion as we anticipate rapidly ramping up our processing capabilities at the Sherbrooke facility and the SugarLeaf facility in North Carolina. Considering his experience and achievements, we have full confidence in his ability to support Neptune’s vision of quality, safety and operational excellence,” Michael Cammarata, Neptune’s Chief Executive Officer, said in a statement.

At the same time, José Dominguez is to assume the newly created job post of Cannabis Sommelier and Formulation Specialist in September, Neptune said. He will be responsible for creation, design and formulation of vape pens for the company.

During his career, Dominguez has earned more than 40 individual cannabis awards, including first-place awards for sativa flower, CBD flower, hybrid flower and solvent-less hash, which he earned at the Lift Cannabis Cup in Vancouver in 2016.

“José is a fixture in the Canadian cannabis landscape, and coupling his experience with our work at Neptune, we are confident in his ability to bring wholly-owned, unique sought-after products to the cannabis space for our customers,” Neptune’s CEO said.

Analyst stock price forecast and recommendation

According to CNN Money, the 2 analysts, offering 12-month forecasts regarding Neptune Wellness Solutions Inc’s stock price, have a median target of $7.14, with a high estimate of $7.52 and a low estimate of $6.76. The median estimate represents a 66.06% upside compared to the closing price of $4.30 on August 22nd.

The same media also reported that all 2 surveyed investment analysts had rated Neptune Wellness Solutions Inc’s stock as “Buy”.

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