Novelion Therapeutics Inc. (NASDAQ:NVLN) (TSE:QLT) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 1,207,604 shares, a growth of 78.7% from the June 15th total of 675,771 shares. Approximately 7.2% of the company’s shares are sold short. Based on an average daily volume of 205,594 shares, the short-interest ratio is presently 5.9 days.
Institutional investors have recently modified their holdings of the company. FMR LLC purchased a new position in shares of Novelion Therapeutics during the fourth quarter worth approximately $5,164,000. Highbridge Capital Management LLC raised its position 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. Renaissance Technologies LLC purchased a new position in shares of Novelion Therapeutics during the fourth quarter worth approximately $2,803,000. Oxford Asset Management purchased a new position in shares of Novelion Therapeutics during the first quarter worth approximately $1,238,000. Finally, Gilder Gagnon Howe & Co. LLC raised its position 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. Hedge funds and other institutional investors own 72.45% of the company’s stock.
Novelion Therapeutics (NASDAQ:NVLN) traded up 1.12% during trading on Friday, reaching $9.00. The company had a trading volume of 248,875 shares. Novelion Therapeutics has a 52-week low of $6.60 and a 52-week high of $13.80. The stock has a 50 day moving average price of $9.43 and a 200-day moving average price of $9.91. The company’s market capitalization is $167.43 million.
Several analysts have recently issued reports on NVLN shares. Zacks Investment Research upgraded Novelion Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. ValuEngine lowered Novelion Therapeutics from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Bloom Burton reissued an “accumulate” rating on shares of Novelion Therapeutics in a report on Monday, June 19th.
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Novelion Therapeutics Company Profile
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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