Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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, ValuEngine raised Novelion Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd.
Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last posted its quarterly earnings results on Thursday, March 14th. The biotechnology company reported ($1.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.90) by ($0.13). The firm had revenue of $40.71 million during the quarter, compared to the consensus estimate of $40.90 million. As a group, equities research analysts anticipate that Novelion Therapeutics will post -5.63 earnings per share for the current fiscal year.
In related news, major shareholder Healthcare Master Fun Broadfin sold 278,485 shares of the firm’s stock in a transaction that occurred on Wednesday, December 26th. The stock was sold at an average price of $0.91, for a total value of $253,421.35. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 18.00% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC bought a new position in shares of Novelion Therapeutics in the 4th quarter valued at approximately $25,000. Geode Capital Management LLC raised its stake in shares of Novelion Therapeutics by 45.7% in the 4th quarter. Geode Capital Management LLC now owns 82,901 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 26,003 shares in the last quarter. Prosight Management LP raised its stake in shares of Novelion Therapeutics by 128.1% in the 3rd quarter. Prosight Management LP now owns 444,068 shares of the biotechnology company’s stock valued at $1,314,000 after acquiring an additional 249,405 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Novelion Therapeutics in the 4th quarter valued at approximately $795,000. 43.20% of the stock is currently owned by institutional investors and hedge funds.
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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