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

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

Analyst Ratings Changes

Several analysts have recently commented on OGG shares. Weiss Ratings upgraded shares of Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 23rd. Zacks Research cut shares of Osisko Development from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Osisko Development Price Performance

The firm’s 50 day moving average price is $2.67 and its two-hundred day moving average price is $2.96. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.58 and a quick ratio of 3.53. The stock has a market cap of $673.04 million and a PE ratio of -20.08.

Hedge Funds Weigh In On Osisko Development

Several hedge funds have recently made changes to their positions in the stock. Amundi bought a new position in Osisko Development in the 2nd quarter worth about $20,541,000. Anson Funds Management LP lifted its holdings in shares of Osisko Development by 1,292.2% in the first quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock worth $12,555,000 after buying an additional 3,584,791 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Osisko Development in the second quarter valued at approximately $7,175,000. Royal Bank of Canada boosted its position in shares of Osisko Development by 193,823.0% in the first quarter. Royal Bank of Canada now owns 2,356,164 shares of the company’s stock valued at $7,658,000 after acquiring an additional 2,354,949 shares during the period. Finally, Arbiter Partners Capital Management LLC purchased a new position in Osisko Development during the second quarter valued at approximately $5,320,000. 15.16% of the stock is currently owned by hedge funds and other 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.