Shares tumble on sector weakness. Novagold Resources Inc. (NG) shares fell 7.5% to $10.40 on Friday, extending recent losses in the gold mining sector. The decline came amid broader pressure on precious metals equities. No company-specific catalyst was identified in available filings or announcements. The stock now trades at a market capitalization of $4.57 billion.
Recent analyst support provides context. The selloff follows a series of bullish calls earlier this year. B. Riley Securities raised its price target to $13 from $11 on January 27, maintaining a Buy rating. Citigroup had previously lifted its target to $12 from $7 in October 2025, also reiterating Buy. Both firms’ targets sit well above Friday’s closing price, suggesting analysts see the current weakness as a potential entry point.
Volume trails the average. Trading volume reached 2.03 million shares, running at just 54% of the stock’s average daily volume of 3.73 million. The below-average turnover suggests the decline may reflect sector-wide positioning rather than company-specific selling pressure or forced liquidation.
This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.
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