Klondex Mines Ltd (NASDAQ:KLDX) shares dropped 8.5% on Friday . The company traded as low as $3.16 and last traded at $3.22. Approximately 1,711,272 shares were traded during trading, an increase of 43% from the average daily volume of 1,200,220 shares. The stock had previously closed at $3.52.

KLDX has been the subject of several recent research reports. Zacks Investment Research raised shares of Klondex Mines from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research note on Friday, July 21st. HC Wainwright reissued a “buy” rating and issued a $6.25 price objective on shares of Klondex Mines in a research note on Friday. Roth Capital assumed coverage on shares of Klondex Mines in a research note on Wednesday, October 4th. They issued a “buy” rating and a $5.25 price objective for the company. Finally, Canaccord Genuity raised shares of Klondex Mines from a “hold” rating to a “buy” rating in a research note on Monday, September 18th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Klondex Mines currently has a consensus rating of “Buy” and a consensus price target of $5.08.

The stock’s market cap is $570.94 million. The stock has a 50-day moving average of $3.59 and a 200-day moving average of $3.42.

In other Klondex Mines news, Director Blair Albert Schultz acquired 25,000 shares of Klondex Mines stock in a transaction dated Wednesday, August 30th. The stock was bought at an average price of $3.17 per share, for a total transaction of $79,250.00. Following the transaction, the director now owns 113,333 shares in the company, valued at approximately $359,265.61. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

A number of hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc lifted its stake in Klondex Mines by 0.7% during the second quarter. CIBC Asset Management Inc now owns 61,996 shares of the company’s stock valued at $209,000 after buying an additional 446 shares in the last quarter. Swiss National Bank lifted its stake in Klondex Mines by 6.9% during the first quarter. Swiss National Bank now owns 250,781 shares of the company’s stock valued at $979,000 after buying an additional 16,200 shares in the last quarter. CIBC World Markets Inc. lifted its stake in Klondex Mines by 10.5% during the second quarter. CIBC World Markets Inc. now owns 212,183 shares of the company’s stock valued at $715,000 after buying an additional 20,147 shares in the last quarter. Bank of Nova Scotia lifted its stake in Klondex Mines by 142.0% during the second quarter. Bank of Nova Scotia now owns 49,280 shares of the company’s stock valued at $166,000 after buying an additional 28,914 shares in the last quarter. Finally, TD Asset Management Inc. lifted its stake in Klondex Mines by 3.7% during the second quarter. TD Asset Management Inc. now owns 849,094 shares of the company’s stock valued at $2,857,000 after buying an additional 30,116 shares in the last quarter.

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About Klondex Mines

Klondex Mines Ltd is a Canada-based gold and silver mining company. The Company focuses on exploration, development and production of over two gold and silver projects in north central Nevada, being the Fire Creek mine located in Lander County, Nevada, the Midas mine and ore milling facility located in Nevada.

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