In the latest trading session, Canopy Growth Corporation (CGC) closed at $16.02, marking a -1.9% move from the previous day. This change lagged the S&P 500's 0.56% loss on the day. Elsewhere, the Dow lost 1.39%, while the tech-heavy Nasdaq added 0.53%.

Heading into today, shares of the company had lost 7.69% over the past month, lagging the Medical sector's loss of 1.33% and the S&P 500's loss of 1.79% in that time.

Investors will be hoping for strength from CGC as it approaches its next earnings release. On that day, CGC is projected to report earnings of -$0.29 per share, which would represent a year-over-year decline of 26.09%. Meanwhile, our latest consensus estimate is calling for revenue of $73.20 million, up 8.2% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.24 per share and revenue of $374.92 million, which would represent changes of -3.33% and +25.01%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for CGC. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.56% higher. CGC is currently sporting a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 37% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CGC in the coming trading sessions, be sure to utilize Zacks.com.

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