Zacks Investment Research Lowers Novelion Therapeutics (NVLN) to Sell
Zacks Investment Research downgraded shares of Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) from a hold rating to a sell rating in a research note released on Wednesday morning.
According to Zacks, “Novelion Therapeutics is a biopharmaceutical company. It engages in developing and marketing of ocular products for individuals living with rare diseases. The product portfolio includes MYALEPT(R) and JUXTAPID (R) and is also developing zuretinol and metrleptin. Novelion Therapeutics formerly known as QLT Inc. is headquatered in Vancouver, Canada. “
Separately, Royal Bank of Canada decreased their price objective on Novelion Therapeutics from $9.00 to $8.00 and set a sector perform rating for the company in a research note on Friday, November 10th.
Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last issued its quarterly earnings data on Thursday, November 9th. The biotechnology company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.60). Novelion Therapeutics had a negative return on equity of 318.34% and a negative net margin of 173.51%. analysts predict that Novelion Therapeutics will post -8.95 EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its stake in shares of Novelion Therapeutics by 4.2% during the 2nd quarter. Franklin Resources Inc. now owns 12,798 shares of the biotechnology company’s stock worth $118,000 after purchasing an additional 511 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Novelion Therapeutics by 8,096.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,179 shares of the biotechnology company’s stock worth $130,000 after purchasing an additional 14,006 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Novelion Therapeutics during the 2nd quarter worth $146,000. New York State Common Retirement Fund purchased a new stake in shares of Novelion Therapeutics during the 2nd quarter worth $149,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in shares of Novelion Therapeutics during the 2nd quarter worth $240,000. Hedge funds and other institutional investors own 75.55% 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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