Covalon Technologies (CVE:COV) Shares Down 16.7% - Here's What Happened

Key Points

• Covalon Technologies Ltd. shares experienced a significant drop of 16.7%, trading as low as C$2.36 during mid-day trading.
• The trading volume surged to approximately 181,028 shares, marking a 555% increase compared to the average daily volume.
• The company's market capitalization stands at C$65.76 million, with a PE ratio of 27.55 and a debt-to-equity ratio of 3.28.

Shares of Covalon Technologies Ltd. (CVE:COV - Get Free Report) fell 16.7% during trading on Friday . The company traded as low as C$2.36 and last traded at C$2.40. 181,028 shares traded hands during mid-day trading, an increase of 555% from the average session volume of 27,638 shares. The stock had previously closed at C$2.88.

Covalon Technologies Price Performance

The stock has a 50-day simple moving average of C$2.52 and a 200 day simple moving average of C$2.51. The company has a debt-to-equity ratio of 3.28, a quick ratio of 6.45 and a current ratio of 7.27. The company has a market cap of C$64.11 million, a P/E ratio of 26.86 and a beta of 0.64.

About Covalon Technologies

Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of medical products in infection management, advanced wound care, and surgical procedure areas in the United States, Canada, the Middle East, Asia, Latin America, and internationally. The company's platform technologies comprise collagen matrix platform that is used to manufacture a family of products to treat chronic and infected wounds, including diabetic ulcers, pressure ulcers, venous ulcers, donor and graft sites, traumatic wounds healing by secondary intention, dehisced surgical wounds, and first and second degree burns; and antimicrobial silicone adhesive platform, which is used for family of pre and post-surgical, and vascular access products that are designed to kill bacteria or yeast that comes into contact with the antimicrobial silicone providing broad-spectrum antimicrobial activity.