With an advance of 1.21%, Covalon Technologies Ltd. (CDX:COV:CA) was one of the best performing healthcare-sector stocks listed on the TSX Venture on February 16. After closing the previous session at $2.47, shares of COV:CA opened this morning at $2.5 and closed the day at $2.5. Throughout the day, about 28,100 shares changed hands, compared to an average 30-day volume of 14,845 for Covalon Technologies Ltd.. Shares moved as high as $2.6 and as low as $2.46 in today’s trading action.
The share appreciation gives the company a market capitalization of $47.85 million based upon 19.37 million shares outstanding.
In the past 52 weeks, shares of Covalon Technologies Ltd. have traded as low as $0.72 and as high as $2.85. Technical traders will take note that at $2.5, shares of COV:CA are trading above their 50-day moving average (MA) at $2.032 and above their 200-day MA at above $1.763. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move above them or holding over them is typically regarded as bullish.
Who is $Covalon Tec?
Covalon Technologies Ltd is engaged in the business of developing, licensing, and selling medical technologies. The Company generates its revenues through development contracts, licensing agreements, and distribution contracts and sales. The company is led by its CEO Brian E. Pedlar from its headquarters at 1660 Tech Avenue.
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About the TSX Venture Exchange
Owned and operated by the TMX Group, the TSX Venture Exchange is a public venture capital marketplace for emerging companies. It is headquartered in Calgary, Alberta, Canada with offices in Toronto, Vancouver and Montreal. All trading on the exchange is done electronically. Originally established in 1999, the “Venture,” as it is often shortened, was previously known as the Canadian Venture Exchange, but renamed in 2001 subsequent to the TSX Group (now known as the TMX Group) purchasing it.
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