Covalon Technologies (CVE:COV) Trading Down 16.7% - Here's Why

Key Points

• Covalon Technologies Ltd. experienced a significant drop in its stock price, down 16.7% during Friday's trading session, closing at C$2.40 after reaching a low of C$2.36.
• The company's trading volume surged to 181,028 shares, which is a drastic increase of 555% compared to its average daily volume of 27,638 shares.
• Covalon Technologies specializes in medical products for infection management, wound care, and surgical procedures, serving markets in the U.S., Canada, and internationally.

Covalon Technologies Ltd. (CVE:COV - Get Free Report)'s share price was down 16.7% during mid-day trading on Friday . The stock traded as low as C$2.36 and last traded at C$2.40. Approximately 181,028 shares were traded 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 Price Performance

The stock has a market cap of C$65.76 million, a P/E ratio of 27.55 and a beta of 0.64. The company has a current ratio of 7.27, a quick ratio of 6.45 and a debt-to-equity ratio of 3.28. The company's fifty day simple moving average is C$2.52 and its 200-day simple moving average is C$2.50.

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.