Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, January 23rd.
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 lowered their price objective on Novelion Therapeutics from $9.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Friday, November 10th.
Novelion Therapeutics (NVLN) traded down $0.19 during mid-day trading on Tuesday, reaching $4.08. The company had a trading volume of 61,344 shares, compared to its average volume of 65,011. The company has a market cap of $82.82, a PE ratio of -0.61 and a beta of 1.22. Novelion Therapeutics has a fifty-two week low of $3.08 and a fifty-two week high of $12.12. The company has a debt-to-equity ratio of 6.53, a current ratio of 1.45 and a quick ratio of 1.28.
Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its position in Novelion Therapeutics by 4.2% in the 2nd quarter. Franklin Resources Inc. now owns 12,798 shares of the biotechnology company’s stock valued at $118,000 after acquiring an additional 511 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in 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. Rhumbline Advisers bought a new position in shares of Novelion Therapeutics during the 2nd quarter valued at $146,000. New York State Common Retirement Fund bought a new position in shares of Novelion Therapeutics during the 2nd quarter valued at $149,000. Finally, Schwab Charles Investment Management Inc. bought a new position in shares of Novelion Therapeutics during the 2nd quarter valued at $240,000. 76.40% of the stock is currently owned by institutional investors and hedge funds.
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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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