Osisko Development (NYSE:OGG) Stock Gets Downgrade from Zacks Research

Osisko Development (NYSE:OGG) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Several other research firms also recently issued reports on OGG. Stifel Nicolaus raised Osisko Development to a “strong-buy” rating in a research note on Monday, June 29th. Weiss Ratings downgraded Osisko Development from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Osisko Development Trading Up 1.2%

Shares of Osisko Development stock opened at $2.60 on Monday. The company has a 50-day moving average of $2.78 and a two-hundred day moving average of $2.76. The stock has a market cap of $795.18 million and a PE ratio of -21.67. The company has a current ratio of 3.58, a quick ratio of 3.53 and a debt-to-equity ratio of 0.40. Osisko Development has a 12-month low of $2.18 and a 12-month high of $3.25.

Hedge Funds Weigh In On Osisko Development

Large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Osisko Development in the fourth quarter worth about $26,000. Integrated Wealth Concepts LLC acquired a new position in Osisko Development in the 2nd quarter worth $37,000. Murphy Pohlad Asset Management LLC purchased a new position in Osisko Development in the 2nd quarter valued at about $39,000. Susquehanna Advisors Group Inc. purchased a new stake in shares of Osisko Development during the second quarter worth about $74,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Osisko Development in the first quarter valued at about $156,000. 15.16% of the stock is currently owned by hedge funds and other institutional investors.

About Osisko Development

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company is developing its mineral assets with the goal of establishing future mining operations and is not primarily a producer of finished gold products.

The company’s flagship asset is the Cariboo Gold Project in central British Columbia, Canada. Cariboo is a historical gold-producing district that includes the Cow Mountain, Island Mountain and Barkerville Mountain areas.