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

Key Points

• Covalon Technologies Ltd. experienced a significant stock price drop of 16.7%, closing at C$2.40 after trading as low as C$2.36.
• The trading volume surged to approximately 181,028 shares, marking an increase of 555% compared to its average daily volume.
• The company focuses on the research and development of medical products, primarily in infection management and advanced wound care, serving global markets including the United States and Canada.

Covalon Technologies Ltd. (CVE:COV - Get Free Report) dropped 16.7% during mid-day trading on Friday . The company traded as low as C$2.36 and last traded at C$2.40. Approximately 181,028 shares traded hands during mid-day 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 Trading Down 1.2%

The business's fifty day moving average is C$2.52 and its 200-day moving average is C$2.50. The firm has a market cap of C$64.93 million, a P/E ratio of 27.20 and a beta of 0.64. The company has a debt-to-equity ratio of 3.28, a quick ratio of 6.45 and a current ratio of 7.27.

Covalon Technologies Company Profile

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.