Novelion Therapeutics Inc. (NASDAQ:NVLN) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS
Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) announced its earnings results on Tuesday. The biotechnology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by $0.04, Morningstar.com reports. The firm had revenue of $40.90 million during the quarter, compared to analyst estimates of $36.86 million.
Shares of Novelion Therapeutics (NASDAQ NVLN) traded down 5.006% on Wednesday, hitting $7.685. The stock had a trading volume of 197,088 shares. The company has a 50 day moving average of $9.42 and a 200-day moving average of $9.89. The firm’s market capitalization is $142.96 million. Novelion Therapeutics has a 12-month low of $1.37 and a 12-month high of $12.12.
Several brokerages have recently commented on NVLN. Royal Bank Of Canada set a $9.00 target price on Novelion Therapeutics and gave the stock a “hold” rating in a report on Tuesday. Zacks Investment Research raised Novelion Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Bloom Burton reissued an “accumulate” rating on shares of Novelion Therapeutics in a report on Monday, June 19th. Finally, ValuEngine downgraded Novelion Therapeutics from a “hold” rating to a “sell” rating in a report on Friday, June 2nd.
Several hedge funds have recently bought and sold shares of the company. State of Wisconsin Investment Board acquired a new position in shares of Novelion Therapeutics during the second quarter worth approximately $102,000. Stifel Financial Corp purchased a new position in Novelion Therapeutics during the first quarter worth approximately $107,000. JPMorgan Chase & Co. increased its position in Novelion Therapeutics by 167.2% in the first quarter. JPMorgan Chase & Co. now owns 10,292 shares of the biotechnology company’s stock worth $110,000 after buying an additional 6,440 shares in the last quarter. Rhumbline Advisers purchased a new position in Novelion Therapeutics during the second quarter worth approximately $146,000. Finally, Cutler Group LP increased its position in Novelion Therapeutics by 28.2% in the first quarter. Cutler Group LP now owns 15,119 shares of the biotechnology company’s stock worth $162,000 after buying an additional 3,323 shares in the last quarter. Institutional investors and hedge funds own 70.79% of the company’s stock.
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Novelion Therapeutics Company Profile
Novelion Therapeutics Inc, formerly QLT Inc, is a Canada-based biopharmaceutical company. The Company is engaged in development of new standards of care for individuals living with rare diseases. The Company is focused on advancing its portfolio of rare disease therapies by investing in science and clinical development.
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