Novelion Therapeutics (NVLN) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) from a hold rating to a sell rating in a report released 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. “
Separately, Royal Bank of Canada lowered their price target on Novelion Therapeutics from $9.00 to $8.00 and set a sector perform rating for the company in a report on Friday, November 10th.
Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last issued its quarterly earnings data on Thursday, November 9th. The biotechnology company reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.60). Novelion Therapeutics had a negative net margin of 108.10% and a negative return on equity of 57.36%. sell-side analysts predict that Novelion Therapeutics will post -8.95 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of NVLN. Schwab Charles Investment Management Inc. acquired a new stake in Novelion Therapeutics in the second quarter worth about $240,000. Rhumbline Advisers acquired a new stake in Novelion Therapeutics in the second quarter worth about $146,000. Bank of New York Mellon Corp acquired a new stake in Novelion Therapeutics in the second quarter worth about $380,000. Franklin Resources Inc. boosted its holdings in Novelion Therapeutics by 4.2% in the second quarter. Franklin Resources Inc. now owns 12,798 shares of the biotechnology company’s stock worth $118,000 after acquiring an additional 511 shares in the last quarter. Finally, Teachers Advisors LLC acquired a new stake in Novelion Therapeutics in the second quarter worth about $249,000. 75.55% of the stock is 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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