ValuEngine Downgrades Novelion Therapeutics Inc. (NVLN) to Strong Sell
Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Tuesday.
Other research analysts have also recently issued reports about the stock. Bloom Burton reiterated an “accumulate” rating on shares of Novelion Therapeutics in a report on Monday, June 19th. Royal Bank Of Canada set a $9.00 target price on shares of Novelion Therapeutics and gave the stock a “hold” rating in a report on Tuesday, August 8th. Finally, Zacks Investment Research upgraded shares of Novelion Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th.
Novelion Therapeutics (NASDAQ NVLN) opened at 6.82 on Tuesday. The company’s 50-day moving average is $7.85 and its 200 day moving average is $9.39. Novelion Therapeutics has a 12 month low of $6.62 and a 12 month high of $13.80. The firm’s market cap is $127.18 million.
Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last announced its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The business had revenue of $40.90 million for the quarter, compared to the consensus estimate of $36.86 million. On average, equities research analysts predict that Novelion Therapeutics will post ($1.66) earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of NVLN. Highbridge Capital Management LLC boosted its holdings in shares of Novelion Therapeutics by 190.8% during the first quarter. Highbridge Capital Management LLC now owns 625,268 shares of the biotechnology company’s stock worth $6,716,000 after purchasing an additional 410,268 shares during the period. Stonepine Capital Management LLC boosted its holdings in shares of Novelion Therapeutics by 18.7% during the second quarter. Stonepine Capital Management LLC now owns 1,852,395 shares of the biotechnology company’s stock worth $17,098,000 after purchasing an additional 291,908 shares during the period. Northern Trust Corp acquired a new stake in shares of Novelion Therapeutics during the second quarter worth approximately $1,251,000. Oxford Asset Management acquired a new stake in shares of Novelion Therapeutics during the first quarter worth approximately $1,238,000. Finally, FMR LLC boosted its holdings in shares of Novelion Therapeutics by 16.8% during the second quarter. FMR LLC now owns 678,977 shares of the biotechnology company’s stock worth $6,267,000 after purchasing an additional 97,500 shares during the period. Institutional investors and hedge funds own 78.44% of the company’s stock.
About Novelion Therapeutics
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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