Koryx Copper (CVE:KRY) Shares Up 7.1% - Here's What Happened

Key Points

• Shares rose 7.1% intraday to a high of C$3.09 and last traded at C$3.00 on Wednesday, despite volume being well below average (84,790 vs. 250,277).
• Stifel Nicolaus raised its target on Koryx from C$4.25 to C$4.50 and gave a "Buy" rating; MarketBeat shows a consensus "Buy" with an average target of C$4.50.
• Insider buying: Director Charles Edward Loots purchased 34,000 shares at about C$3.09, boosting his stake to 743,667 shares (a 4.79% increase), signaling insider confidence.

Shares of Koryx Copper Inc. (CVE:KRY - Get Free Report) shot up 7.1% during trading on Wednesday . The company traded as high as C$3.09 and last traded at C$3.00. 84,790 shares were traded during trading, a decline of 66% from the average session volume of 250,277 shares. The stock had previously closed at C$2.80.

Analyst Ratings Changes

Separately, Stifel Nicolaus boosted their target price on shares of Koryx Copper from C$4.25 to C$4.50 and gave the company a "buy" rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of C$4.50.

Koryx Copper Stock Performance

The firm has a 50-day moving average price of C$3.28 and a 200-day moving average price of C$2.60. The stock has a market cap of C$363.76 million, a PE ratio of -7.14 and a beta of 1.53.

Insider Activity

In related news, Director Charles Edward Loots purchased 34,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was purchased at an average price of C$3.09 per share, with a total value of C$105,060.00. Following the transaction, the director directly owned 743,667 shares in the company, valued at C$2,297,931.03. This trade represents a 4.79% increase in their ownership of the stock.

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