Osisko Development (NYSE:OGG) Sets New 52-Week High - Should You Buy?

Key Points

• Osisko Development reached a new 52-week high, trading as high as $2.92 before closing around $2.88, up from its previous close of $2.70.
• Analyst sentiment is mixed: Stifel Nicolaus upgraded the stock to “strong buy,” while Weiss Ratings maintained a “sell” rating. Overall, MarketBeat classifies the shares as a “Moderate Buy.”
• The company has an $889.99 million market capitalization, while institutional investors own 15.16% of its stock. Osisko is focused on advancing precious- and base-metal projects, including its flagship Cariboo gold project in British Columbia.

Osisko Development Corp. (NYSE:OGG - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $2.92 and last traded at $2.88, with a volume of 65757 shares changing hands. The stock had previously closed at $2.70.

Analyst Ratings Changes

Several research analysts have recently weighed in on OGG shares. Stifel Nicolaus upgraded shares of Osisko Development to a "strong-buy" rating in a research note on Monday, June 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Osisko Development in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Osisko Development has an average rating of "Moderate Buy".

Osisko Development Stock Performance

The stock has a market capitalization of $889.99 million, a price-to-earnings ratio of -24.25 and a beta of 0.62. The company's fifty day simple moving average is $2.40 and its 200 day simple moving average is $3.04. The company has a quick ratio of 2.33, a current ratio of 2.37 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OGG. Groupe la Francaise lifted its position in Osisko Development by 57.1% during the first quarter. Groupe la Francaise now owns 2,200,000 shares of the company's stock worth $7,109,000 after acquiring an additional 800,000 shares during the last quarter. Anson Funds Management LP increased its stake in shares of Osisko Development by 1,292.2% during the first quarter. Anson Funds Management LP now owns 3,862,208 shares of the company's stock worth $12,555,000 after purchasing an additional 3,584,791 shares during the period. Amundi increased its stake in shares of Osisko Development by 15.0% during the first quarter. Amundi now owns 8,050,000 shares of the company's stock worth $26,162,000 after purchasing an additional 1,050,000 shares during the period. Royal Bank of Canada lifted its holdings in Osisko Development by 193,823.0% during the 1st quarter. Royal Bank of Canada now owns 2,356,164 shares of the company's stock worth $7,658,000 after purchasing an additional 2,354,949 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Osisko Development during the 1st quarter worth approximately $156,000. Institutional investors and hedge funds own 15.16% of the company's stock.

About Osisko Development

Osisko Development Corp. is a Canadian mineral exploration and development company focused on advancing a portfolio of high-quality precious and base metal projects in stable jurisdictions. The company’s strategy centers on the acquisition, exploration, and development of gold, zinc and lead deposits that offer the potential for scalable, long-life operations. Headquartered in Montreal, Quebec, Osisko Development operates primarily across Western Canada.

The company’s flagship asset is the Cariboo gold project in central British Columbia, where it is engaged in step-out drilling, resource definition and permitting activities aimed at building a robust mineral inventory.

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