Novelion Therapeutics Inc (NVLN) Sees Significant Decrease in Short Interest
Novelion Therapeutics Inc (NASDAQ:NVLN) (TSE:QLT) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 375,894 shares, a decline of 43.9% from the September 28th total of 669,743 shares. Approximately 2.2% of the shares of the stock are sold short. Based on an average daily volume of 1,519,749 shares, the short-interest ratio is presently 0.2 days.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Healthcare Value Capital LLC grew its stake in shares of Novelion Therapeutics by 31.3% in the 2nd quarter. Healthcare Value Capital LLC now owns 1,313,387 shares of the biotechnology company’s stock worth $4,833,000 after purchasing an additional 313,387 shares during the last quarter. Millennium Management LLC grew its stake in shares of Novelion Therapeutics by 838.0% in the 2nd quarter. Millennium Management LLC now owns 330,677 shares of the biotechnology company’s stock worth $1,217,000 after purchasing an additional 295,423 shares during the last quarter. Finally, LMR Partners LLP acquired a new position in shares of Novelion Therapeutics in the 2nd quarter worth approximately $190,000. 77.10% of the stock is currently owned by institutional investors.
Shares of NVLN opened at $0.86 on Monday. The company has a market capitalization of $16.21 million, a PE ratio of -0.13 and a beta of 0.91. Novelion Therapeutics has a 12-month low of $0.77 and a 12-month high of $5.87.
Several equities analysts have recently issued reports on NVLN shares. Royal Bank of Canada lowered their price objective on shares of Novelion Therapeutics from $6.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, August 9th. Zacks Investment Research raised shares of Novelion Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, October 10th.
About Novelion Therapeutics
Novelion Therapeutics Inc, a biopharmaceutical company, develops a portfolio of therapies for individuals living with rare diseases in the United States, Brazil, and internationally. The company's commercial products include lomitapide hard capsule for the treatment of homozygous familial hypercholesterolemia in adults under the JUXTAPID and LOJUXTA brands; and metreleptin, a recombinant analogue of human leptin, which is indicated as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy under the MYALEPT brand.
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