Novelion Therapeutics Inc. (NVLN) Downgraded to Strong Sell at ValuEngine
ValuEngine lowered shares of Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) from a sell rating to a strong sell rating in a research note issued to investors on Tuesday morning.
Other equities analysts have also issued reports about the company. Bloom Burton restated an accumulate rating on shares of Novelion Therapeutics in a research note on Monday, June 19th. Royal Bank Of Canada set a $9.00 price objective on Novelion Therapeutics and gave the stock a hold rating in a report on Tuesday, August 8th. Finally, Zacks Investment Research raised Novelion Therapeutics from a sell rating to a hold rating in a report on Wednesday, July 12th.
Shares of Novelion Therapeutics (NASDAQ NVLN) opened at 6.82 on Tuesday. Novelion Therapeutics has a 1-year low of $6.74 and a 1-year high of $13.80. The stock has a 50 day moving average price of $7.93 and a 200-day moving average price of $9.41. The firm’s market cap is $127.18 million.
Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last announced its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The business had revenue of $40.90 million during the quarter, compared to the consensus estimate of $36.86 million. On average, equities research analysts expect that Novelion Therapeutics will post ($1.66) earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System bought a new position in shares of Novelion Therapeutics in the 2nd quarter valued at about $247,000. The Manufacturers Life Insurance Company grew its holdings in shares of Novelion Therapeutics by 8,096.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,179 shares of the biotechnology company’s stock valued at $130,000 after acquiring an additional 14,006 shares in the last quarter. State Street Corp bought a new position in shares of Novelion Therapeutics in the 2nd quarter valued at about $821,000. Stonepine Capital Management LLC grew its holdings in shares of Novelion Therapeutics by 18.7% in the 2nd quarter. Stonepine Capital Management LLC now owns 1,852,395 shares of the biotechnology company’s stock valued at $17,098,000 after acquiring an additional 291,908 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Novelion Therapeutics by 16.8% in the 2nd quarter. FMR LLC now owns 678,977 shares of the biotechnology company’s stock valued at $6,267,000 after acquiring an additional 97,500 shares in the last quarter. Hedge funds and other institutional investors own 78.44% of the company’s stock.
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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