Covalon Technologies (CVE:COV) Shares Down 16.7% - What's Next?

Key Points

• Covalon Technologies Ltd. shares fell by 16.7%, trading at C$2.40, down from a previous close of C$2.88.
• The company experienced a substantial increase in trading volume, with 181,028 shares exchanged, marking a surge of 555% compared to the average volume.
• Covalon specializes in medical products for infection management and wound care, holding a market cap of C$65.76 million and a high debt-to-equity ratio of 3.28.

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

Covalon Technologies Stock Performance

The stock has a fifty day moving average of C$2.52 and a 200-day moving average of C$2.50. The company has a quick ratio of 6.45, a current ratio of 7.27 and a debt-to-equity ratio of 3.28. The firm has a market capitalization of C$64.93 million, a P/E ratio of 27.20 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.