Tilray  (TLRY - Get Report) shares jumped on Tuesday after Cowen & Co. affirmed its outperform rating on the cannabis producer and distributor but sharply lowered its price target to $60 a share from $150.

The Nanaimo, British Columbia, company's stock rose $4.43, or 17%, to $30.10 Tuesday, its best one-day performance since Jan. 11 when it rose 19.4%. The stock traded as high as $300 a share a bit less than a year ago.

Tilray is the cannabis company hit hardest by weak industry supply, since it was overly reliant on third parties, analyst Vivien Azer said in a Sept. 3 report. The company is addressing the issue by expanding its current facilities and through acquisitions.

Most recently, Tilray said last week it would pay up to C$110 million for the Alberta cannabis retailer Four20.

The company is now well-positioned for multiple entry points into the U.S. And as the company builds on its Portugal license, "we look for international to become a key piece of the growth story," the analyst wrote.

Tilray led gainers in the cannabis sector Tuesday. Among notable cannabis stocks, 11 rose while 4 fell.

The Alternative Harvest ETF (MJ - Get Report) rose 64 cents, or 2.67%, to $24.65. The AdvisorShares Pure Cannabis ETF (YOLO) rose 49 cents, or 2.79%, to $18.06. The Horizons Marijuana Life Sciences ETF (HMLSF) rose 37.53 cents, or 3.54%, to $10.98.

Large cap stocks with notable cannabis initiatives were mixed. Shares of Molson Coors Brewing Company (TAP - Get Report) rose $1.03, or 2.01%, to $52.39. The company is working to develop beers infused with cannabis for the Canadian market.

Shares of Scotts Miracle-Gro Company (SMG - Get Report) fell 96 cents, or 0.9%, to $105.36. The company's Hawthorne Gardening subsidiary supplies hydroponic growing equipment to cannabis growers.