Zacks Investment Research upgraded shares of Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) from a sell rating to a hold rating in a research report sent to investors on Wednesday.
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. “
Other analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Novelion Therapeutics from a sell rating to a strong sell rating in a research report on Thursday, March 1st. Royal Bank of Canada reaffirmed a hold rating and issued a $7.00 price objective (down from $8.00) on shares of Novelion Therapeutics in a report on Friday, March 16th.
NASDAQ:NVLN traded down $0.14 during trading hours on Wednesday, hitting $3.24. 10,375 shares of the company were exchanged, compared to its average volume of 50,038. Novelion Therapeutics has a 52-week low of $3.08 and a 52-week high of $10.79. The company has a debt-to-equity ratio of 17.32, a current ratio of 1.63 and a quick ratio of 1.39.
Several hedge funds have recently added to or reduced their stakes in NVLN. Northern Trust Corp purchased a new stake in shares of Novelion Therapeutics in the 2nd quarter valued at $1,251,000. Vanguard Group Inc. purchased a new stake in shares of Novelion Therapeutics in the 2nd quarter valued at $281,000. State Street Corp purchased a new stake in shares of Novelion Therapeutics in the 2nd quarter valued at $821,000. The Manufacturers Life Insurance Company boosted 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 during the last quarter. Finally, California State Teachers Retirement System purchased a new stake in shares of Novelion Therapeutics in the 2nd quarter valued at $247,000. 80.82% of the stock is currently owned by institutional investors and hedge funds.
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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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