In this article, we will take a detailed look at the 10 best Canadian stocks to buy according to Wall Street analysts.
In the ever-evolving landscape of investment opportunities, keeping an eye on the broader economic environment can be as crucial as analyzing individual stocks. As we delve into the best Canadian stocks to buy, it’s important to consider the country’s current economic outlook. Canada’s economic environment reveals a complex mix of challenges and potential opportunities. The global economy is still reeling from historically high inflation, which has triggered the most aggressive monetary tightening in decades. While the U.S. economy has demonstrated an unexpected resilience, balancing robust growth with moderating inflation, Canada’s situation requires closer scrutiny. The Canadian economy, though strong in many respects, is particularly sensitive to interest rates. High levels of household debt and relatively short mortgage terms amplify the effects of rising interest rates, making Canadian consumers and businesses more vulnerable compared to their U.S. counterparts. Nevertheless, the latter part of 2023 showed unexpected economic strength, buoyed by record immigration and positive spillover from a resilient U.S. economy, leading to a significant easing of recession fears in Canada.
Yet, the Canadian economy is not entirely out of the woods. Growth is anticipated to remain below trend in 2024, with the Bank of Canada forecasting a modest GDP increase of 1.25% to 1.5%. This slowdown is partially attributed to Canada’s distinct economic vulnerabilities. For instance, productivity growth has been alarmingly weak, with Canada’s senior deputy governor labeling it as an “emergency”. This decline is largely due to insufficient business investment in key areas such as equipment and intellectual property, compounded by limited competition in essential sectors like telecommunications and banking. On a positive note, this slower growth is expected to ease inflationary pressures. Headline inflation has been gradually decreasing, and core inflation, which excludes volatile food and energy prices, is moving closer to the Bank of Canada’s target range. This scenario provides the Bank with some flexibility, with expectations for a 50-75 basis point reduction in interest rates later this year.
Despite strong job creation, particularly a notable surge in April 2024, employment growth of 2.0% over the past year has not kept pace with the 3.4% rise in population. This disparity has pushed the unemployment rate up by nearly a full percentage point to 6.2%, and it is projected to remain high through the rest of this year before beginning to decline in 2025. Wage growth, which averaged 5.3% in 2023, has decelerated to 3.9% (annualized) in the first quarter of 2024. With inflation pressures easing, this slower wage growth is expected to continue through 2024 and into the following year. Although the Bank of Canada’s decision to cut its policy rate is a step in the right direction, Canadian households remain the most indebted in the G7. The interest rate hikes since 2022 have strained household finances, resulting in a decline in real consumer spending per capita over five of the last seven quarters as more income is diverted towards servicing mortgage and loan interest payments.
The housing market has felt these effects more acutely. Real residential investment per capita dropped by 22.8% in the first quarter of 2024 compared to two years earlier. Looking forward, consumer spending and residential investment are expected to recover as lower interest rates stimulate demand. However, with low consumer confidence, hesitation to make significant purchases, ongoing housing affordability issues, and elevated savings rates, the pace of recovery in the latter half of 2024 is likely to be slow. Deloitte forecasts that more substantial improvements in consumption and residential investment will occur next year as confidence improves. Overall, Canada’s economy performed better in the first half of 2024 than expected, but this strength is projected to be counterbalanced by slower real GDP growth in the latter part of the year due to reduced household spending. The updated forecast anticipates real GDP growth of 1.2% for 2024, accelerating to 2.6% in 2025. On a per-capita basis, real GDP is expected to decline by 1.6% this year before rebounding to 1.1% growth in 2025.
For investors looking to capitalize on these evolving conditions, understanding the underlying economic indicators and trends is essential. With this context, we now turn to a detailed examination of the best Canadian stocks to buy according to Wall Street analysts.
A content recommendation platform in an office in Vancouver, Canada from the perspective of a user.
Our Methodology
For this article we first used a stock screener to identify Canadian stocks that analysts see material upside to, as of September 9. From this list we chose 10 stocks that have the highest upside potential from their current price based on average analyst price targets.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Best Canadian Stocks To Buy According to Wall Street Analysts
10. Cameco Corporation (NYSE:CCJ)
Upside Potential: 52%
Average Analyst Share Price Target: $57.02
Our list of ten best Canadian stocks to buy according to wall street analysts starts with Cameco Corporation (NYSE:CCJ). Cameco Corporation (NYSE:CCJ) offers an upside potential of 52%, with analysts setting an average share price target of $57.02. Cameco Corporation (NYSE:CCJ) remains a dominant force in the global nuclear energy sector, benefiting from increasing demand for clean, carbon-free power. In Q2 2024, the company highlighted its strong market position, driven by geopolitical tensions, the pressing need to replace fossil fuels, and growing energy demand due to rising global temperatures. Nuclear energy continues to gain traction as a reliable, long-term energy source, and Cameco Corporation (NYSE:CCJ) is well-positioned to take advantage of these tailwinds. Cameco Corporation (NYSE:CCJ) production at key operations such as MacArthur River, Key Lake, and Cigar Lake is fully committed, demonstrating its ability to secure long-term contracts in a tightening uranium market. Despite challenges, including operational disruptions and regulatory changes like Kazakhstan’s tax increase, Cameco’s premier tier-one assets provide a competitive edge. The company is also exploring expansion opportunities at its facilities to increase production in response to growing demand.
Financially, Cameco Corporation (NYSE:CCJ) remains strong with a focus on debt reduction and prudent liquidity management. The company repaid $100 million of its outstanding term loan and refinanced $500 million in senior unsecured debentures. With improving long-term contract prices and higher production capacity, Cameco is set to generate strong cash flow moving forward. The company’s recent acquisition of Westinghouse is expected to contribute significantly to its earnings, with projected adjusted EBITDA growth of 6% to 10% annually over the next five years. Despite short-term uncertainties affecting the broader market, Cameco Corporation (NYSE:CCJ) benefits from strong political support for nuclear energy globally, including bipartisan support in the U.S. As a result, Cameco is well-positioned to capitalize on the growing demand for nuclear energy, making it a compelling investment for those seeking exposure to the clean energy sector and the uranium market.
Aristotle Capital International Equity Strategy stated the following regarding Cameco Corporation (NYSE:CCJ) in its Q2 2024 investor letter:
“Cameco Corporation (NYSE:CCJ), one of the world’s largest publicly traded uranium producers, was the top contributor during the period. Support from governments and policymakers for nuclear energy has continued to increase in 2024 as countries realize it can play a crucial role in both promoting energy security and lowering dependence on fossil fuels to meet environmental goals. With higher demand for uranium across the world, Cameco’s production was up more than 25% year-over-year, and its long-term supply contracts have increased (annual commitments now standing at 28 million pounds per year through 2028). We view these fundamental improvements as further proof Cameco is making progress on our catalyst of increasing its uranium volume sold at higher prices, all while lowering production costs through scale and its access to some of the highest-grade ore on the planet. In addition, we believe the company’s continued integration of Westinghouse Electric Company’s market-leading downstream capabilities will allow it to offer a highly competitive nuclear fuel solution. In our opinion, this puts Cameco on track to enjoy higher levels of FREE cash flow and the ability to de-risk its balance sheet as it meets global energy needs.”
09. ATS Corporation (NYSE:ATS)
Upside Potential: 53%
Average Analyst Share Price Target: $38.91
ATS Corporation (NYSE:ATS) stands at number nine on our list of ten best Canadian stocks to buy according to wall street analysts. ATS Corporation (NYSE:ATS) has an upside potential of 53%, with analysts assigning an average share price target of $38.91. ATS Corporation (NYSE:ATS) is a leading provider of automation solutions, serving a diverse range of industries, including life sciences, consumer products, energy, transportation, and more. In Q1 2025, the company posted impressive order bookings of $817 million, up 18% year-over-year, driven by robust demand in the life sciences and consumer products sectors. However, revenue for the quarter was $694 million, a 7.9% decline from the previous year due to expected slowdowns in transportation and food industries. Despite the revenue decline, ATS Corporation (NYSE:ATS) is well-positioned for future growth, boasting a substantial order backlog of $1.9 billion, including a record $990 million in life sciences. This segment is seeing strong demand, particularly for products like wearable devices, GLP-1 auto-injectors, and radioisotope production lines. Additionally, ATS Corporation (NYSE:ATS) recent acquisition of Paxiom, a leader in packaging solutions, strengthens its footprint in the food and beverage sector, allowing the company to offer comprehensive packaging and end-of-line automation solutions.
ATS Corporation (NYSE:ATS) is also capitalizing on opportunities in the energy market, with a focus on nuclear reactor refurbishment and emerging small modular reactor (SMR) projects. This expertise positions ATS Corporation (NYSE:ATS) to benefit from the global push towards cleaner energy solutions. The company’s digital offerings, including its AI-driven predictive maintenance tools, provide customers with real-time monitoring and performance insights, adding value to its long-term service contracts. ATS Corporation (NYSE:ATS) has a solid strategy to drive margin expansion through disciplined cost management and efficiency improvements. Gross margins improved in Q1, supported by the company’s focus on continuous improvement and operational excellence. With strong demand in high-growth sectors, strategic acquisitions, and a focus on digital innovation, ATS Corporation (NYSE:ATS) is poised for long-term success, making it an attractive investment opportunity based on its strong fundamentals.
08. North American Construction Group Ltd. (NYSE:NOA)
Upside Potential: 54%
Average Analyst Share Price Target: $27.96
North American Construction Group Ltd. (NYSE:NOA) is a leading provider of mining and heavy construction services, particularly focused on surface mines in Canada’s oil sands region. It presents an upside potential of 54%, with analysts setting an average share price target of $27.96.
The company’s Q2 2024 performance demonstrated resilience despite challenges, particularly in its Canadian operations, which faced weather-related disruptions. However, the company maintained an impressive 26% EBITDA margin, highlighting its strong operational efficiency. Its Australian division continued to perform exceptionally well, with MacKellar posting its best results in company history, contributing significantly to overall growth. A key strength for North American Construction Group Ltd. (NYSE:NOA) is its focus on safety and operational consistency. The company has won several safety awards, underscoring its commitment to its workforce. This focus has allowed it to expand its workforce significantly since 2016, with hours worked up 340%. Furthermore, the company’s ability to manage its fleet efficiently is also notable, with 50 underutilized trucks either being reallocated to more productive markets or sold at favorable terms.
Financially, North American Construction Group Ltd. (NYSE:NOA) acquisition of MacKellar in Australia continues to pay dividends, as it contributed to a third consecutive quarter of solid performance. Gross profit margins remained strong, especially in the Australian division, which achieved over 20% in Q2. Moreover, North American Construction Group Ltd. (NYSE:NOA) strong cash flow generation and reasonable debt levels give it flexibility to fund future growth and integrate new assets. The company’s future looks promising, with a robust backlog of CAD 2.8 billion and growing opportunities in both the Canadian oil sands and Australian resource sectors. North American Construction Group Ltd. (NYSE:NOA) ability to win contracts outside its traditional markets, combined with operational efficiencies, makes it well-positioned for sustained growth and profitability in 2024 and beyond.
In its Q3 2023 investor letter, Bonhoeffer Capital Management stated the following regarding North American Construction Group Ltd. (NYSE:NOA):
“North American Construction Group Ltd. (NYSE:NOA) is a construction services firm that provides heavy civil and bulk earthmoving and project and mine site operations services in supply-constrained markets. NAC is typically the first contractor in and the last contractor out of project and mine sites. NAC has over 3,500 employees and over 900 pieces of equipment in its fleet operating at 30 sites. The fleet has a replacement value of over $2 billion.
NAC was founded in 1953 as a civil construction firm. NAC has provided earthmoving services in Canada since the 1950s, in the oil sands since the 1970s, and for resources firms since the 1980s. NAC was sold to a private equity firm in 2003 and went public in Canada in 2006. A new CEO, Martin Ferron, was appointed in 2012. His goal was to increase geographic and service offering diversification and to increase return on invested capital (RoIC). In 2012, NAC sold its lower-returning and more cyclical divisions providing pipeline construction and piling-related construction, while retaining its oil sands earthworks business. Later in the 2010s, via acquisitions and partnerships with First Nations and other aboriginal groups, NAC expanded its service offerings and its geographic footprint to other geographies such as the US and Australia. Most of NAC’s invested capital is in large dump trucks and other earthmoving equipment. If NAC could maximize fixed asset utilization, then ROIC would increase. An economies of scale in purchasing and maintenance moat was created by having a highly utilized large fixed asset fleet in remote geographic locations with harsh conditions. Since 2015, equipment utilization has increased from an average of 40%, to 61% in 2023. NAC has a target goal of 75% to 85% by 2024. Since 2012, NAC’s RoIC has increased from -12% to 12%, with a current goal of 15%; and its return on equity has increased from -10% to 22%…” (Click here to read the full text)
07. Brookfield Business Partners L.P. (NYSE:BBU)
Upside Potential: 60%
Average Analyst Share Price Target: $30.86
Brookfield Business Partners L.P. (NYSE:BBU) offers an upside potential of 60%, with analysts assigning an average share price target of $30.86. Brookfield Business Partners L.P. (NYSE:BBU) offers a diverse portfolio with strong fundamentals across its business services, infrastructure, and industrial operations segments. While recent financial results showed a slight earnings miss with a reported EPS of -$0.09 compared to the expected $0.86, the company remains well-positioned for long-term growth. The dip in earnings was largely attributed to one-time events, including a cybersecurity incident at its CDK Global operation and increased costs in a construction project nearing completion. Despite these short-term setbacks, Brookfield Business Partners L.P. (NYSE:BBU) continues to demonstrate resilience by focusing on value creation and operational improvements across its business segments. Its access to capital has enabled it to refinance $11 billion in debt, reducing borrowing costs and improving future profitability. The company’s proactive approach to monetizing mature businesses has generated $3 billion in proceeds over the past 1.5 years, showcasing its ability to strategically recycle capital for growth.
Brookfield Business Partners L.P. (NYSE:BBU) diversified portfolio includes stable, cash-generating businesses that provide mission-critical services. The company’s efforts to improve its operations and capitalize on value opportunities place it in a strong position for future performance. Its focus on cybersecurity, cost management, and debt reduction highlights a sound management approach. Given its robust fundamentals, strategic initiatives, and a history of realizing strong returns, Brookfield Business Partners L.P. (NYSE:BBU) offers investors a promising long-term value proposition.
Emeth Value Capital made the following comment about Brookfield Business Partners L.P. (NYSE:BBU) in its Q2 2023 investor letter:
“Brookfield Corporation has $5.5 billion invested through Brookfield Business Partners L.P. (NYSE:BBU), a publicly traded permanent capital vehicle that invests in industrials and business services companies. The group spun off from Brookfield in 2016 and was seeded with sixteen existing private equity investments across industrials, construction, oil and gas, and business services. Notable holdings included GrafTech, the leading producer of graphite electrodes, and Multiplex, a prominent Australian construction company. The portfolio value at inception was $2.5 billion, and Brookfield retained seventy-eight percent ownership. To date, under the leadership of Cyrus Madon, Brookfield Business Partners has realized $5.5 billion in proceeds while generating an average four times multiple on capital and thirty percent IRR across twelve concluded investments. In addition, the partnership has executed more than twenty new investments, totaling $8.0 billion in deployed capital, over the last seven years. What’s more, the quality of portfolio companies improved meaningfully over this time as proceeds were recycled from the sale of smaller, more cyclical businesses to fund the acquisition of larger businesses with increased scale, significant barriers to entry, and more resilient cash flows. For instance, the four largest companies within the current portfolio – Nielsen, Clarios, Sagen, and CDK Global – generate over ten times the cash flow of the four largest companies in 2016. However, what has remained unchanged over the years is Brookfield’s intense operational approach. At the outset of each investment, Brookfield crafts a detailed value creation plan, which, given the capital structure often employed in leveraged buyout transactions, has an outsized influence on shareholder outcomes. For example, over the last five years on an average equity capital base of less than $5.0 billion, Brookfield Business Partners has improved EBITDA at its underlying companies by $275 million. In other words, these improvements, which are often implementable regardless of the macro environment, added $2.75 billion in net asset value at a ten times multiple. Likewise, Brookfield has plans in motion across its portfolio companies to surface an additional $500 million in EBITDA over the coming years, which has the potential to significantly increase the existing $8.5 billion net asset value. Indeed, when coupled with natural deleveraging, these initiatives provide visibility to a base return of 1.7x – 2.0x, or approaching $11 billion for Brookfield Corporation’s share over the coming monetization cycle.”
06. Westport Fuel Systems Inc. (NASDAQ:WPRT)
Upside Potential: 138%
Average Analyst Share Price Target: $13.21
Westport Fuel Systems Inc. (NASDAQ:WPRT) presents an impressive upside potential of 138%, with analysts setting an average share price target of $13.21. The company is based in Vancouver, Canada and is a leading provider of alternative fuel systems for transportation. It engineers and manufactures innovative fuel systems that allow vehicles to run on alternative fuels like natural gas and liquid petroleum gas (LPG), helping reduce carbon emissions in the transportation sector. Westport Fuel Systems Inc. (NASDAQ:WPRT) operates through key segments, including Original Equipment Manufacturers (OEM), Independent Aftermarket (IAM), and Corporate, which enable the company to cater to both vehicle manufacturers and end consumers seeking greener fuel options. The company’s partnership with Volvo Group through a joint venture, focused on its High-Pressure Direct Injection (HPDI) 2.0 fuel system, is a major strategic highlight. This collaboration is aimed at commercializing HPDI technology for heavy-duty trucks and off-road vehicles, which represents a massive growth opportunity as the transportation industry pivots towards decarbonization. Volvo’s investment in this JV, amounting to $28 million with an additional earnout potential of up to $45 million, underscores the value and potential of Westport’s technology.
Westport Fuel Systems Inc. (NASDAQ:WPRT) financial performance in Q2 2024 reflects improved margins and operational efficiencies. Gross margins increased from 17% to 21% year-over-year, driven by cost-cutting initiatives and stronger sales in key areas like LPG fuel systems. Additionally, the company’s strategic restructuring into five business segments, including HPDI JV, Light-Duty, and High-Pressure Controls and Systems, provides greater transparency and aligns its operations with long-term growth objectives. With a pipeline of business opportunities, particularly in the hydrogen and clean energy markets, Westport Fuel Systems Inc. (NASDAQ:WPRT) is well-positioned for future growth. The company’s expertise in fuel containment and pressure management components for both hydrogen and natural gas makes it a key player in the clean energy revolution. As hydrogen-powered vehicles gain traction, Westport Fuel Systems Inc. (NASDAQ:WPRT) is poised to benefit from its early mover advantage and strong partnerships in the industry.
05. Seabridge Gold Inc. (NYSE:SA)
Upside Potential: 142%
Average Analyst Share Price Target: $39.04
Seabridge Gold Inc. (NYSE:SA) stands at number five on our list of ten best Canadian stocks to buy according to wall street analysts. Seabridge Gold Inc. (NYSE:SA), headquartered in Toronto, Canada, focuses on acquiring and exploring gold properties, with key projects including the Kerr-Sulphurets-Mitchel (KSM) in British Columbia, Courageous Lake, Iskut, and 3 Aces. Its flagship project, KSM, achieved a significant milestone in July 2024 when it received the “substantially started” designation from the BC Government, solidifying its environmental assessment certificate and ensuring its long-term viability. This is a crucial step for Seabridge as it advances the KSM project, which is expected to be a major copper and gold producer. Seabridge Gold Inc. (NYSE:SA) is also actively exploring the Iskut and 3 Aces projects, with a $12 million drill program at Iskut and a $6 million exploration initiative at 3 Aces. Both projects show strong potential for copper-gold porphyry systems, with recent discoveries supporting further resource expansion. At Iskut, the first mineral resource estimate for the Bronson deposit reveals an impressive 5.4 million ounces of gold and 1.06 billion pounds of copper.
Seabridge Gold Inc. (NYSE:SA) commitment to sustainability is evident in its 2023 report, highlighting progress in environmental compliance, indigenous partnerships, and safety. The company aims to lead in low-carbon copper production at KSM, while maintaining strong community ties and a focus on decarbonization. Financially, Seabridge Gold Inc. (NYSE:SA) reported a net profit of $45.2 million for Q2 2024, driven by gains from its secured note liabilities. With solid working capital and ongoing exploration, Seabridge Gold Inc. (NYSE:SA) is well-positioned for growth, making it an attractive stock for investors seeking exposure to the gold and copper markets.
Old West Management made the following comment about Seabridge Gold Inc. (NYSE:SA) in its Q4 2022 investor letter:
“Seabridge Gold Inc. (NYSE:SA) was founded by current chairman and CEO Rudi Fronk in 1999. To say Seabridge is Fronk’s life work would be accurate. Fronk, who has two degrees in mining and minerals, is a top shareholder of the company. Seabridge owns the KSM project in northwestern British Colombia. KSM has proven and probable reserves of 47 million ounces of gold and 7 billion pounds of copper. Seabridge also owns attractive deposits in Nevada and Northwest territories of Canada, although much smaller than KSM. The average grade of KSM’s gold deposit is less than one gram per ton, but there is good accessibility to the site, and it is in the safe jurisdiction of mining friendly Canada.
Seabridge’s market cap is C $1.5 billion, they have no long term debt and C $200 million cash. They have been burning C $75 million of cash per year. The company is openly looking to partner with a major miner to develop their properties.”
04. Tucows Inc. (NASDAQ:TCX)
Upside Potential: 206%
Average Analyst Share Price Target: $66.79
Tucows Inc. (NASDAQ:TCX), headquartered in Toronto, Canada, is a provider of internet services, including domain registration, mobile services, and fiber network solutions. The company has demonstrated strong fundamentals, supported by consistent revenue and margin growth across its segments. For the first quarter of 2024, Tucows Inc. (NASDAQ:TCX) reported a year-over-year revenue increase of 8.7% to $87.5 million, driven by its three core businesses: Wavelo, Ting, and Domains.
The Wavelo segment, which manages telecom services, saw substantial growth, with revenues rising 28.6% year-over-year, contributing significantly to the company’s adjusted EBITDA growth of 38.7% to $4.2 million. Meanwhile, the Ting fiber business reported strong subscriber additions, up 25.6%, highlighting its expanding footprint in small towns with fast internet services. Tucows Inc. (NASDAQ:TCX) long-established domain registration business continues to provide stable cash flow, with Domain Services revenue increasing 4.5% to $61.9 million. This solid performance supports Tucows Inc. (NASDAQ:TCX) strategy of reinvesting profits into higher-growth opportunities, such as fiber and Web3 ventures.
Despite macroeconomic headwinds, Tucows Inc. (NASDAQ:TCX) is well-positioned for long-term growth, particularly in fiber infrastructure and telecom services, which remain attractive investment areas. The company’s focus on capital-light, cash-generating businesses, along with its emphasis on scaling through subscription models, reflects its strong fundamentals and future growth potential.
Donville Kent Asset Management made the following comment about Tucows Inc. (NASDAQ:TCX) in its second quarter 2023 investor letter:
“We published our report on Tucows Inc. (NASDAQ:TCX) in our April newsletter and the stock is up ~75% off the bottom that month.7 That being said, it is currently trading around $40/share and we strongly believe it is worth $100/share. • The stock actually declined ~14% in June and has since recovered most of that decline. The reason for the temporary downturn seems to be the US Government announcing their $42.5B BEAD program. • “The federal government has allocated nearly $42.5 billion to expand broadband connectivity across the United States, a move that could spell a windfall for broadband equipment and service providers.” • Tucows will be able to participate in these funding programs and it appears like the stock sold off on the headline of this program with people not understanding the full extent of what it meant. • We recommend reading the article posted by SDX Central, which can be found in the footnotes.”
03. ESSA Pharma Inc. (NASDAQ:EPIX)
Upside Potential: 236%
Average Analyst Share Price Target: $19
At number three on our list of ten best Canadian stocks to buy according to wall street analysts is ESSA Pharma Inc. (NASDAQ:EPIX). ESSA Pharma Inc. (NASDAQ:EPIX), based in Vancouver, Canada, is a clinical-stage pharmaceutical company dedicated to developing novel therapies for prostate cancer. Its lead drug candidate, masofaniten, is currently in trials as a combination therapy with enzalutamide, targeting metastatic castration-resistant prostate cancer (mCRPC). This combination has shown promising early results, with reductions in prostate-specific antigen (PSA) levels—a key biomarker for prostate cancer progression. Impressively, 88% of patients in the study achieved PSA50, while 81% reached PSA90, indicating significant tumor response and disease control.
The company’s ongoing Phase 1/2 trials are advancing steadily. ESSA Pharma Inc. (NASDAQ:EPIX) is expected to present updated data from these trials at the prestigious European Society for Medical Oncology (ESMO) conference in late 2024. The Phase 2 portion, which compares masofaniten plus enzalutamide to enzalutamide monotherapy, is expanding to clinical sites across the US, Canada, Australia, and Europe. The completion of enrollment is expected by the first quarter of 2025, with preliminary data anticipated in mid-2025. In addition to the combination therapies, ESSA Pharma Inc. (NASDAQ:EPIX) is also evaluating masofaniten as a monotherapy. Early results have shown promising signals of anti-tumor activity and tolerability, with more mature data expected later in 2024. The company’s broad clinical pipeline extends beyond masofaniten, with studies also exploring its combination with other anti-androgen therapies like abiraterone and darolutamide, underscoring the potential to address various stages of prostate cancer.
Financially, ESSA Pharma Inc. (NASDAQ:EPIX) is in a strong position. With cash reserves and short-term investments totaling $130.7 million as of June 2024, the company is well-capitalized to fund its current operations and clinical trials beyond 2025. This solid financial footing ensures that ESSA can continue advancing its clinical programs without immediate concerns about liquidity. With a focus on innovative cancer therapies, a promising drug candidate in advanced trials, and strong financial backing, ESSA Pharma Inc. (NASDAQ:EPIX) is well-positioned for growth. This makes the company a compelling option for investors looking to capitalize on breakthroughs in prostate cancer treatment.
02. U.S. GoldMining Inc. (NASDAQ:USGO)
Upside Potential: 356%
Average Analyst Share Price Target: $23.5
U.S. GoldMining Inc. (NASDAQ:USGO), headquartered in Vancouver, Canada, is focused on the exploration and development of gold and copper assets, with its primary project being the Whistler gold-copper property located in Alaska. The company aims to unlock the significant untapped value of this underexplored asset through increased exploration activities and strategic development plans. U.S. GoldMining Inc. (NASDAQ:USGO) boasts an exceptional upside potential of 356%, with analysts setting an average share price target of $23.50.
In the second quarter of 2024, U.S. GoldMining Inc. (NASDAQ:USGO) reported a net loss of $1.49 million, significantly improved from the $2.92 million loss recorded in the same quarter of 2023. This reduction in losses was primarily driven by decreased legal and accounting expenses following its successful IPO in 2023, where the company raised approximately $19.1 million in net proceeds. These reduced expenditures were partially offset by higher exploration costs as the company ramped up its efforts to advance the Whistler project. Exploration expenses rose to $923,403 in Q2 2024, up from $621,320 in Q2 2023, reflecting increased drilling activities, consulting fees for geological and environmental work, and engagement with stakeholders in Alaska.
The company maintains a solid financial position, with $8.2 million in cash and cash equivalents as of June 30, 2024, compared to $11.2 million at the end of 2023. This healthy cash reserve, bolstered by the 2023 IPO, enables U.S. GoldMining Inc. (NASDAQ:USGO) to fund its ongoing exploration efforts without the immediate need for external financing. The company’s careful management of costs and expenses, including a decrease in general and administrative expenses to $653,110 in Q2 2024 from $2.43 million in Q2 2023, further highlights its focus on operational efficiency.
Fundamentally, U.S. GoldMining Inc. (NASDAQ:USGO) is positioned to capitalize on the growing demand for gold and copper, particularly as the Whistler project progresses. The company’s exploration activities, combined with strong financial backing, make it a compelling opportunity for investors seeking exposure to the gold and copper sectors. With a clear development strategy and significant upside potential, U.S. GoldMining Inc. (NASDAQ:USGO) fundamentals offer an attractive long-term growth prospect for shareholders.
01. enGene Holdings Inc. (NASDAQ:ENGN)
Upside Potential: 385%
Average Analyst Share Price Target: $32.14
Topping our list of ten best Canadian stocks to buy according to wall street analysts is enGene Holdings Inc. (NASDAQ:ENGN). Headquartered in Saint-Laurent, Canada, enGene Holdings Inc. (NASDAQ:ENGN) is a clinical-stage biotechnology company innovating in gene therapies. The company focuses on its proprietary dually derived chitosan (DDX) gene delivery platform, which enables localized, non-viral delivery of gene therapies to mucosal tissues and other organs. enGene Holdings Inc. (NASDAQ:ENGN) presents a remarkable upside potential of 385%, with analysts assigning an average share price target of $32.14. This optimistic outlook is driven by the company’s innovative work in gene therapies, positioning it as a leader in the biopharmaceutical industry.
enGene Holdings Inc. (NASDAQ:ENGN) lead candidate, EG-70, is currently under evaluation in a pivotal study for high-risk non-muscle invasive bladder cancer (NMIBC). In Q2 2024, enGene Holdings Inc. (NASDAQ:ENGN) reported a substantial increase in operating expenses to $17.3 million, compared to $4.7 million in the same period last year. This rise reflects higher research and development costs due to advancing EG-70 and expanded clinical trials. Despite the increased spending, the company’s cash position remains robust, with $264.8 million in cash and equivalents as of April 30, 2024. This financial stability positions enGene Holdings Inc. (NASDAQ:ENGN) well to continue its development efforts into 2027.
The company’s strategic moves include expanding the LEGEND study to include a new cohort for high-risk, BCG-unresponsive papillary-only NMIBC patients, reflecting its commitment to addressing significant unmet needs in bladder cancer. The planned modifications to the study and the anticipated filing of a Biologics License Application (BLA) by mid-2026 underscore enGene Holdings Inc. (NASDAQ:ENGN) potential to influence standard care practices in oncology. The recent $200 million private placement in February 2024 further strengthens enGene Holdings Inc. (NASDAQ:ENGN) financial foundation, supporting its growth strategies and clinical development plans. The company’s innovative approach and significant cash reserves provide a strong basis for long-term growth, making enGene Holdings Inc. (NASDAQ:ENGN) an attractive investment opportunity. With promising clinical prospects and a solid financial base, enGene Holdings Inc. (NASDAQ:ENGN) stands out as a compelling player in the biotechnology sector.
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