Novelion Therapeutics Inc. (NVLN) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research downgraded shares of Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) from a hold rating to a sell rating in a research report report published 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. “
Several other research analysts have also weighed in on the stock. Royal Bank Of Canada reaffirmed a hold rating and set a $9.00 target price on shares of Novelion Therapeutics in a research note on Tuesday, October 3rd. ValuEngine lowered shares of Novelion Therapeutics from a sell rating to a strong sell rating in a research note on Tuesday, September 12th.
Shares of Novelion Therapeutics (NVLN) traded up $0.29 during mid-day trading on Friday, reaching $5.26. 78,466 shares of the company’s stock traded hands, compared to its average volume of 87,964. The company has a quick ratio of 1.28, a current ratio of 1.45 and a debt-to-equity ratio of 6.53. Novelion Therapeutics has a one year low of $4.19 and a one year high of $13.80.
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Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Novelion Therapeutics by 167.2% during the first quarter. JPMorgan Chase & Co. now owns 10,292 shares of the biotechnology company’s stock worth $110,000 after buying an additional 6,440 shares during the period. State of Wisconsin Investment Board purchased a new position in Novelion Therapeutics during the second quarter worth about $102,000. Franklin Resources Inc. boosted its stake in Novelion Therapeutics by 4.2% during the second quarter. Franklin Resources Inc. now owns 12,798 shares of the biotechnology company’s stock worth $118,000 after buying an additional 511 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Novelion Therapeutics by 8,096.0% during the second quarter. The Manufacturers Life Insurance Company now owns 14,179 shares of the biotechnology company’s stock worth $130,000 after buying an additional 14,006 shares during the period. Finally, Rhumbline Advisers purchased a new position in shares of Novelion Therapeutics in the second quarter valued at approximately $146,000. 78.35% of the stock is owned by institutional investors.
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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