Why Novadaq Tecnologies (NVDQ) Stock Hit an All-Time High, Then Plunged Today

NEW YORK (TheStreet) -- Novadaq Technologies  (NVDQ) hit an all-time high of $24.09 on Friday after Canaccord increased its target price to $26 from $23. The firm called Novadaq "the most compelling growth story in med-tech."

But just before noon, the stock turned downward and hit a low of $20.25 for the day. More than 1.2 million shares had changed hands as of 2:15 p.m., nearly quadruple the average volume of 327,448.

Tech stocks as a whole suffered on Friday, as the Dow and S&P 500 rallied in the morning to hit new intraday highs before investors quickly turned on tech stocks and Facebook (FB), Netflix  (NFLX) and Amazon  (AMZN), among others, dropped.

Novadaq was down 14.02% to $20.30 at 2:19 p.m.

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NVDQ Chart

NVDQ data by YCharts

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