Osisko Development (NYSE:OGG) Stock Falls 5.1% – Here’s What Happened

Osisko Development Corp. (NYSE:OGG)’s stock price traded down 5.1% during trading on Wednesday. The stock traded as low as $2.40 and last traded at $2.41. Approximately 1,059,875 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 1,837,484 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OGG. Zacks Research cut shares of Osisko Development from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Weiss Ratings raised Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Osisko Development has a consensus rating of “Moderate Buy”.

Osisko Development Stock Performance

The company has a quick ratio of 3.53, a current ratio of 3.58 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average is $2.67 and its two-hundred day moving average is $2.96. The company has a market capitalization of $673.04 million and a P/E ratio of -20.08.

Institutional Trading of Osisko Development

Hedge funds have recently made changes to their positions in the stock. Amundi bought a new position in Osisko Development in the second quarter valued at $20,541,000. Principal Financial Group Inc. raised its position in Osisko Development by 18.5% during the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company’s stock valued at $23,926,000 after purchasing an additional 1,154,800 shares in the last quarter. Anson Funds Management LP lifted its stake in 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 last quarter. Alyeska Investment Group L.P. bought a new stake in Osisko Development during the second quarter worth about $7,175,000. Finally, Royal Bank of Canada lifted its stake in Osisko Development by 193,823.0% during the first 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. 15.16% of the stock is owned by institutional investors.

Osisko Development Company Profile

Osisko Development is a gold-focused mineral exploration and development company. It advances projects from exploration and resource evaluation toward potential mine development, with assets in Canada, the United States and Mexico. The company’s flagship asset is the Cariboo Gold Project in central British Columbia, where it is working to develop a gold mine. Its other principal projects include the San Antonio Gold Project in Sonora, Mexico, and the Tintic Project in Utah, which provide additional opportunities for exploration and development.