Novelion Therapeutics Inc. (NVLN) Announces Quarterly Earnings Results, Misses Expectations By $0.04 EPS
Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) released its quarterly earnings data on Tuesday. The biotechnology company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by $0.04, Morningstar.com reports. The company had revenue of $40.90 million for the quarter, compared to analysts’ expectations of $36.86 million.
Shares of Novelion Therapeutics (NASDAQ:NVLN) opened at 8.09 on Wednesday. The company’s 50-day moving average is $9.42 and its 200 day moving average is $9.89. Novelion Therapeutics has a 1-year low of $1.37 and a 1-year high of $12.12. The firm’s market cap is $150.50 million.
Several research firms recently weighed in on NVLN. Royal Bank Of Canada set a $9.00 price objective on shares of Novelion Therapeutics and gave the stock a “hold” rating in a research note on Tuesday. Bloom Burton reiterated an “accumulate” rating on shares of Novelion Therapeutics in a research note on Monday, June 19th. Zacks Investment Research lowered shares of Novelion Therapeutics from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, ValuEngine lowered shares of Novelion Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd.
A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC purchased a new position in Novelion Therapeutics during the fourth quarter worth approximately $5,164,000. Renaissance Technologies LLC purchased a new position in Novelion Therapeutics during the fourth quarter worth approximately $2,803,000. Norges Bank purchased a new position in Novelion Therapeutics during the fourth quarter worth approximately $594,000. Cutler Group LP raised its position in Novelion Therapeutics by 28.2% in the first quarter. Cutler Group LP now owns 15,119 shares of the biotechnology company’s stock worth $162,000 after buying an additional 3,323 shares during the period. Finally, Oxford Asset Management purchased a new position in Novelion Therapeutics during the first quarter worth approximately $1,238,000. Hedge funds and other institutional investors own 70.79% of the company’s stock.
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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