Aphria Inc.’s (APHA.TO 0.99%) recent winning streak that saw its stock surge almost 50 per cent in a four-day span was put at risk in early trading Tuesday.

The cannabis producer’s shares fell as much as 11.9 per cent at the start of trading before briefly breaking into positive territory. The company’s stock soared 47 per cent during a four-day winning streak that started last Wednesday.

While there was no particular news tied to the company’s recent climb, the sharp move higher signaled renewed investor confidence after the stock took a hit in December on the heels of a report from short sellers Quintessential Capital Management and Hindenburg Research. The report accused Aphria of buying a number of Latin American assets at highly inflated prices.

The stock lost more than half of its value in the three days following the short report.

Investors are still waiting for Aphria to publish a line-by-line rebuttal to the report and are looking to see what comes next as the company’s board weighs Green Growth Brand Inc.’s takeover offer, which was formally submitted last month.

An Aphria spokesperson said the company’s rebuttal is close to completion but would not specify a date when it will release its findings. Aphria has until Thursday to respond to Green Growth Brands’ takeover offer, according to a representative from Green Growth Brands.