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.”
Separately, Royal Bank Of Canada reissued a sector perform rating on shares of QLT in a research report on Friday, June 17th.
QLT (NASDAQ:QLTI) opened at 1.84 on Monday. The firm has a 50-day moving average price of $1.51 and a 200-day moving average price of $1.56. The firm’s market cap is $97.21 million. QLT has a 1-year low of $1.22 and a 1-year high of $3.28.
In other QLT news, major shareholder Stonepine Capital, L.P. acquired 133,496 shares of the stock in a transaction dated Thursday, September 15th. The stock was purchased at an average cost of $1.55 per share, with a total value of $206,918.80. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Springbok Capital Management LLC raised its stake in shares of QLT by 21.6% in the first quarter. Springbok Capital Management LLC now owns 225,000 shares of the company’s stock worth $448,000 after buying an additional 40,000 shares during 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 during the last quarter. Clear Harbor Asset Management LLC raised its stake in shares of QLT by 198.9% in the second quarter. Clear Harbor Asset Management LLC now owns 77,725 shares of the company’s stock worth $110,000 after buying an additional 51,725 shares during the last quarter. 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 during the last quarter. Finally, Brandes Investment Partners LP raised its stake in shares of QLT by 32.7% in the second quarter. Brandes Investment Partners LP now owns 297,334 shares of the company’s stock worth $422,000 after buying an additional 73,263 shares during the last quarter. 62.04% of the stock is 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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