Zacks Investment Research Upgrades QLT Inc. (QLTI) to Hold
QLT Inc. (NASDAQ:QLTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “QLT, a biotechnology company, is focused on the development and commercialization of innovative ocular products addressing unmet medical needs. QLT and Aegerion have agreed to merge, which will lead to the formation of a global biopharmaceutical company, Novelion Therapeutics. Novelion will focus on rare diseases. It will create a diversified portfolio primarily consisting of Aegerion’s two marketed drugs – Juxtapid and Myalept – and QLT’s late-stage candidate, QLT091001. The transaction is expected to close before the end of 2016. However, Juxtapid is witnessing continued sales erosion due to the availability of PCSK9 inhibitors. Aegerion is also looking to withdraw the drug from the EU and certain other global markets by 2016 end to mitigate competitive pressure. All these factors make the upcoming merger unattractive. Nevertheless, we are pleased with QLT’s efforts to develop its sole pipeline candidate, QLT091001.”
Separately, Royal Bank Of Canada reiterated a “sector perform” rating on shares of QLT in a research report on Friday, June 17th.
QLT (NASDAQ:QLTI) opened at 1.78 on Monday. The company’s 50-day moving average price is $1.46 and its 200-day moving average price is $1.57. QLT has a one year low of $1.22 and a one year high of $3.47. The firm’s market cap is $94.04 million.
In other news, major shareholder Stonepine Capital, L.P. bought 133,496 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was bought at an average price of $1.55 per share, for a total transaction of $206,918.80. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in QLTI. Yakira Capital Management Inc. increased its stake in shares of QLT by 100.1% in the first quarter. Yakira Capital Management Inc. now owns 211,114 shares of the company’s stock valued at $420,000 after buying an additional 105,628 shares during the period. Springbok Capital Management LLC increased its stake in shares of QLT by 21.6% in the first quarter. Springbok Capital Management LLC now owns 225,000 shares of the company’s stock valued at $448,000 after buying an additional 40,000 shares during the period. BVF Inc. IL increased its stake in shares of QLT by 6.3% in the first quarter. BVF Inc. IL now owns 5,701,609 shares of the company’s stock valued at $11,346,000 after buying an additional 337,224 shares during the period. Brandes Investment Partners LP increased its stake in shares of QLT by 32.7% in the second quarter. Brandes Investment Partners LP now owns 297,334 shares of the company’s stock valued at $422,000 after buying an additional 73,263 shares during the period. Finally, DRW Securities LLC bought a new stake in shares of QLT during the second quarter valued at about $115,000. 62.04% of the stock is currently owned by institutional investors and hedge funds.
QLT Inc is a biotechnology company. The Company is focused on the development and commercialization of ocular products. The Company’s operations consist of clinical development programs focused on its synthetic retinoid, QLT091001, for the treatment of certain age-related and inherited retinal diseases (IRD) caused by retinal pigment epithelium protein 65 (RPE65) and lecithin: retinol acyltransferase (LRAT) gene mutations.
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