Novelion Therapeutics Inc. (NVLN) Sets New 52-Week Low at $6.82

Shares of Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) hit a new 52-week low on Tuesday . The stock traded as low as $6.82 and last traded at $6.85, with a volume of 72,538 shares. The stock had previously closed at $7.07.

NVLN has been the subject of several analyst reports. Bloom Burton reiterated an “accumulate” rating on shares of Novelion Therapeutics in a research note on Monday, June 19th. Royal Bank Of Canada set a $9.00 target price on shares of Novelion Therapeutics and gave the company a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research raised shares of Novelion Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, ValuEngine lowered shares of Novelion Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, August 10th.

The company’s 50-day moving average is $7.95 and its 200-day moving average is $9.43. The stock’s market cap is $127.18 million.

Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last announced its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The firm had revenue of $40.90 million for the quarter, compared to analysts’ expectations of $36.86 million. On average, equities research analysts predict that Novelion Therapeutics Inc. will post ($1.66) earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Oxford Asset Management purchased a new stake in shares of Novelion Therapeutics in the first quarter worth about $1,238,000. Yakira Capital Management Inc. purchased a new stake in shares of Novelion Therapeutics in the first quarter worth about $391,000. Gilder Gagnon Howe & Co. LLC lifted its holdings in shares of Novelion Therapeutics by 27.4% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 331,599 shares of the biotechnology company’s stock worth $3,561,000 after buying an additional 71,409 shares in the last quarter. JW Asset Management LLC lifted its holdings in shares of Novelion Therapeutics by 1.8% in the second quarter. JW Asset Management LLC now owns 315,980 shares of the biotechnology company’s stock worth $2,916,000 after buying an additional 5,681 shares in the last quarter. Finally, Highbridge Capital Management LLC lifted its holdings in shares of Novelion Therapeutics by 190.8% in the first quarter. Highbridge Capital Management LLC now owns 625,268 shares of the biotechnology company’s stock worth $6,716,000 after buying an additional 410,268 shares in the last quarter. 78.44% of the stock is currently owned by hedge funds and other institutional investors.

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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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