Things looked so promising for the broader market on both sides of the Canada-U.S. border Tuesday, what with moves by the U.S. central banks to ease borrowing. But the positive vibes petered out and gave way to the same negative sentiments which pervaded last week.
Technology stocks got bruised along with pretty much everything else, dumping 2.2% in Toronto and 3.9% in New York. However, there were beacons of light on both sides which caused them to stand out amid the gloom.
Mississauga-based medical technology company Covalon Technologies (TSX-Venture:COV) managed to hang onto the positive notes Tuesday after releasing first-quarter results. Revenue registered at $7.9 million, a 9% increase or $687,073 over the prior year. Gross profit was 61% in Q1 from 63% in Q1 fiscal 2019. Net loss was $1.2 million or $0.05 per share (diluted), compared to a loss of $1.9 million or $0.09 per share (diluted) in Q1.
Share prices for COL ballooned 25 cents, or 15.2%, to $1.90, on nearly 42,000 shares.
San Diego-based Nascent Biotech (OTC:NBIO) also defied the negative market tide, while researching a possible treatment for the coronavirus. An article in The Journal of Biological Medicine specifically mentioned cell surface vimentin as a potential target in the treatment of conditions related to the virus.
Said company founder Dr. Mark Glassy, "We have known for some time that the receptor for Nascent's lead asset, Pritumumab, is associated with several viruses, but this supportive article, as well as many other more recent publications, reinvigorated our attention to a possible treatment for those afflicted with the recent strain of coronavirus.”
Nascent shares doubled in price Tuesday afternoon to 20 cents, on 401,000 shares.
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