Novelion Therapeutics (NVLN) Shares Down 9.5%

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Novelion Therapeutics Inc (NASDAQ:NVLN) (TSE:QLT) traded down 9.5% on Tuesday . The stock traded as low as $0.82 and last traded at $0.86. 618,158 shares traded hands during trading, an increase of 9% from the average session volume of 564,847 shares. The stock had previously closed at $0.95.

Several equities research analysts recently weighed in on the company. Royal Bank of Canada dropped their target price on Novelion Therapeutics from $6.00 to $5.00 and set a “hold” rating for the company in a report on Thursday, August 9th. Zacks Investment Research cut Novelion Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Bloom Burton cut Novelion Therapeutics from an “accumulate” rating to a “hold” rating in a report on Wednesday, November 14th. Finally, ValuEngine upgraded Novelion Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, November 1st.

The firm has a market capitalization of $17.98 million, a price-to-earnings ratio of -0.14 and a beta of 1.95.

Several institutional investors have recently bought and sold shares of NVLN. LMR Partners LLP bought a new stake in shares of Novelion Therapeutics in the 2nd quarter worth $190,000. Healthcare Value Capital LLC increased its holdings in shares of Novelion Therapeutics by 31.3% in the 2nd quarter. Healthcare Value Capital LLC now owns 1,313,387 shares of the biotechnology company’s stock worth $4,833,000 after purchasing an additional 313,387 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Novelion Therapeutics by 838.0% in the 2nd quarter. Millennium Management LLC now owns 330,677 shares of the biotechnology company’s stock worth $1,217,000 after buying an additional 295,423 shares during the last quarter. Context Partners Fund L.P. purchased a new position in shares of Novelion Therapeutics in the 3rd quarter worth $189,000. Finally, Prosight Management LP boosted its stake in shares of Novelion Therapeutics by 128.1% in the 3rd quarter. Prosight Management LP now owns 444,068 shares of the biotechnology company’s stock worth $1,314,000 after buying an additional 249,405 shares during the last quarter. 73.20% of the stock is owned by institutional investors and hedge funds.

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About Novelion Therapeutics (NASDAQ:NVLN)

Novelion Therapeutics Inc, a biopharmaceutical company, develops a portfolio of therapies for individuals living with rare diseases in the United States, Brazil, and internationally. The company's commercial products include lomitapide hard capsule for the treatment of homozygous familial hypercholesterolemia in adults under the JUXTAPID and LOJUXTA brands; and metreleptin, a recombinant analogue of human leptin, which is indicated as an adjunct to diet as replacement therapy to treat the complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy under the MYALEPT brand.

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