5 Best Canadian Penny Stocks to Buy Now

3. Fusion Pharmaceuticals Inc. (NASDAQ:FUSN)

Number of Hedge Fund Holders: 14

Hamilton, Canada-based Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) ranks 3rd in our list of the best Canadian penny stocks to buy according to hedge funds. A total of 14 hedge funds in Insider Monkey’s database of 943 funds had stakes in Fusion Pharmaceuticals Inc. (NASDAQ:FUSN). The biggest stakeholder of Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) during this period was David Witzke and Michael Gregory’s Avidity Partners Management which owns a $21 million stake in the company.

In June, Raymond James started covering Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) with an Outperform rating and a $13 price target.