Osisko Development (CVE:ODV) Shares Down 8% - Here's What Happened

Key Points

• Osisko Development Corp. shares fell by 8%, trading at C$4.81 after closing at C$5.23, with trading volume surging by 174% compared to its average.
• Analysts have a generally positive outlook on the company, with Royal Bank of Canada raising its target price from C$5.00 to C$6.00 and a consensus rating of "Strong Buy".
• Despite the recent drop in stock price, Osisko Development holds a market capitalization of C$1.14 billion and focuses on acquiring and developing mineral properties, primarily in Canada, with its flagship project being the Cariboo Gold Project.

Osisko Development Corp. (CVE:ODV - Get Free Report)'s share price dropped 8% on Thursday . The stock traded as low as C$4.81 and last traded at C$4.81. Approximately 252,179 shares traded hands during trading, an increase of 174% from the average daily volume of 92,047 shares. The stock had previously closed at C$5.23.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Royal Bank Of Canada upped their target price on Osisko Development from C$5.00 to C$6.00 in a research note on Wednesday, September 10th. Stifel Canada upgraded Osisko Development to a "strong-buy" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Osisko Development presently has an average rating of "Strong Buy" and a consensus target price of C$6.00.

Osisko Development Stock Down 8.6%

The company has a market cap of C$1.14 billion, a PE ratio of -4.31 and a beta of 1.78. The business has a 50-day simple moving average of C$4.01 and a 200-day simple moving average of C$3.14. The company has a quick ratio of 2.81, a current ratio of 0.47 and a debt-to-equity ratio of 1.38.

About Osisko Development

Osisko Development Corp. acquires, explores, and develops mineral properties in Canada, Mexico, and the United States. It explores for gold; and precious and base metals. The company's flagship asset is the Cariboo Gold Project covering an area of approximately 155,000 hectares consisting of 415 mineral titles located in British Columbia, Canada.

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