Zacks Investment Research upgraded shares of QLT Inc. (NASDAQ:QLTI) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

According to Zacks, “QLT, a biotechnology company, is focused on the development and commercialization of innovative ocular products addressing unmet medical needs. QLT and Aegerion have agreed to merge, which will lead to the formation of a global biopharmaceutical company, Novelion Therapeutics. Novelion will focus on rare diseases. It will create a diversified portfolio primarily consisting of Aegerion’s two marketed drugs – Juxtapid and Myalept – and QLT’s late-stage candidate, QLT091001. The transaction is expected to close before the end of 2016. However, Juxtapid is witnessing continued sales erosion due to the availability of PCSK9 inhibitors. Aegerion is also looking to withdraw the drug from the EU and certain other global markets by 2016 end to mitigate competitive pressure. All these factors make the upcoming merger unattractive. Nevertheless, we are pleased with QLT’s efforts to develop its sole pipeline candidate, QLT091001.”

Separately, Royal Bank Of Canada reaffirmed a sector perform rating on shares of QLT in a research note on Friday, June 17th.

QLT (NASDAQ:QLTI) opened at 1.76 on Monday. The company’s 50-day moving average is $1.47 and its 200 day moving average is $1.58. QLT has a 1-year low of $1.22 and a 1-year high of $3.45. The firm’s market capitalization is $92.98 million.

In other QLT news, major shareholder Stonepine Capital, L.P. acquired 133,496 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were acquired at an average price of $1.55 per share, with a total value of $206,918.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in QLTI. DRW Securities LLC acquired a new stake in shares of QLT during the second quarter worth approximately $115,000. Bridgeway Capital Management Inc. raised its stake in shares of QLT by 67.6% in the second quarter. Bridgeway Capital Management Inc. now owns 172,500 shares of the company’s stock worth $245,000 after buying an additional 69,600 shares in the last quarter. Ancora Advisors LLC raised its stake in shares of QLT by 1.5% in the second quarter. Ancora Advisors LLC now owns 3,396,083 shares of the company’s stock worth $4,822,000 after buying an additional 48,964 shares in the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of QLT during the second quarter worth approximately $2,306,000. Finally, Stonepine Capital Management LLC acquired a new stake in shares of QLT during the second quarter worth approximately $5,367,000. 62.04% of the stock is currently owned by institutional investors and hedge funds.

QLT Company Profile

QLT Inc is a biotechnology company. The Company is focused on the development and commercialization of ocular products. The Company’s operations consist of clinical development programs focused on its synthetic retinoid, QLT091001, for the treatment of certain age-related and inherited retinal diseases (IRD) caused by retinal pigment epithelium protein 65 (RPE65) and lecithin: retinol acyltransferase (LRAT) gene mutations.

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