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

Key Points

• Shares of Covalon Technologies Ltd. declined by 16.7%, closing at C$2.40 after trading as low as C$2.36.
• The stock experienced a surge in trading volume, with approximately 181,028 shares traded, an increase of 555% compared to its average daily volume.
• Covalon Technologies specializes in the development of medical products for infection management and advanced wound care, operating in various regions including the United States and Canada.

Shares of Covalon Technologies Ltd. (CVE:COV - Get Free Report) dropped 16.7% 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 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 Down 2.5%

The company has a market capitalization of C$64.11 million, a price-to-earnings ratio of 26.86 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 has a 50-day moving average of C$2.52 and a 200-day moving average of C$2.51.

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.