Canopy Growth Bucking Today’s Downward Trend in Cannabis Sector

Investing.com - Most Canadian cannabis stocks lost ground again Thursday, with one notable exception: Canopy Growth (TSX:WEED) (NYSE:CGC).

Cannabis stocks have been seesawing throughout the week, which makes Canopy’s small uptick that much more notable.

Canopy rose about 1% in early afternoon trading. The largest marijuana company on the globe was bucking the trend largely due to an endorsement by Stifel analyst Andrew Carter, who initiated coverage of the Ontario-based marijuana company yesterday with a buy rating that came with a target price of C$64 (US$47.77).

Canopy closed Wednesday at C$54.75 (US$40.85).

On Monday, the major pot stocks started the week in a downward trend, with Tilray Inc (NASDAQ:TLRY) leading the pace with an almost-9% loss on the day, followed by Aurora Cannabis (TSX:ACB) (NYSE:ACB) with a 6.13% drop, Aphria (TSX:APHA) Aphria (NYSE:APHA) with a 4.5% loss and Cronos Group (TSX:CRON) (NASDAQ:CRON) taking a 4.14% hit.

On Tuesday, the trend reversed, with Aurora gaining 9.5%, Aphria adding 6.8%, Canopy increasing by 5.8%, Cronos jumping 5.57% and Tilray registering a 5.3% uptick on the day.

Yesterday, the same stocks were all in the red, except for Cronos, which ended the day with an 11.6% gain on news that Bank of America Merrill Lynch (NYSE:BAC) had issued a double upgrade on its stock, to a buy from underperform. Today, Cronos is trading down about 3% on the Toronto Stock Exchange and down about 1.6% on the Nasdaq.

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