5 Hot Healthcare Stocks to Buy Now

4. Canopy Growth Corporation (NASDAQ:CGC)

Number of Hedge Fund Holders: 13  

YTD Perf: 31.17%

Avg Volume: 13M

Canopy Growth Corporation (NASDAQ:CGC) engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. On January 3, Canopy Growth Corporation completed its previously announced deals with OEG Retail Cannabis and 420 Investments Ltd. This resulted in the company selling its retail operations in Canada, including the Tweed and Tokyo Smoke store franchises.

On November 7, 2022, Canaccord analyst Matt Bottomley maintained a Hold rating on Canopy Growth Corporation. (NASDAQ:CGC) stock and raised the price target to C$5 from C$4.25.

Among the hedge funds being tracked by Insider Monkey, Sydney-based investment firm Contrarius Investment Management is a leading shareholder in Canopy Growth Corporation (NASDAQ:CGC) with 19.7 million shares worth more than $53.9 million. 

At the end of the third quarter of 2022, 13 hedge funds in the database of Insider Monkey held stakes worth $73 million in Canopy Growth Corporation (NASDAQ:CGC), compared to 10 in the previous quarter worth $21 million.