My opinion? Phrags are notoriously subject to such transient anomalies. What do I do? Personally (not advice, per se), I would pluck the bud. If the next bud is not better, I would cut the spike (I probably should do this first, but can’t resist). Then, I would repot and try again.
I have found that most phrags stabilize after 2-3 new growths in new media in my care. When everything is optimized and stabilized, it is what it is. Best of luck. Kate