Osisko Development (NYSE:OGG) Raised to Strong-Buy at Zacks Research

Osisko Development (NYSE:OGG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings raised Osisko Development from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, September 1st. Stifel Nicolaus raised Osisko Development to a “strong-buy” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

Osisko Development Trading Down 0.4%

Shares of Osisko Development stock opened at $2.73 on Thursday. Osisko Development has a 52-week low of $2.18 and a 52-week high of $3.25. The firm has a market capitalization of $834.94 million and a PE ratio of -22.75. 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 company’s fifty day moving average price is $2.59 and its two-hundred day moving average price is $2.90.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Amundi acquired a new position in Osisko Development during the 2nd quarter worth $20,541,000. Anson Funds Management LP increased its stake in shares of Osisko Development by 1,292.2% in the 1st quarter. Anson Funds Management LP now owns 3,862,208 shares of the company’s stock valued at $12,555,000 after buying an additional 3,584,791 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Osisko Development in the 2nd quarter valued at $7,175,000. Royal Bank of Canada raised its position in shares of 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 acquiring an additional 2,354,949 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new stake in shares of Osisko Development during the fourth quarter worth $7,713,000. Institutional investors own 15.16% of the company’s stock.

About Osisko Development

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company’s activities include exploration, resource evaluation, mine planning, permitting, project development and, where applicable, the operation of mining assets.

Its flagship asset is the Cariboo Gold Project in central British Columbia, Canada, a district-scale gold project that includes the historic Barkerville mining area and the Cow Mountain, Bonanza Ledge and Island Mountain deposits.