Novelion Therapeutics (NVLN) Sees Large Volume Increase

Novelion Therapeutics Inc (NASDAQ:NVLN) (TSE:QLT) saw unusually-high trading volume on Friday . Approximately 1,302,141 shares traded hands during mid-day trading, an increase of 216% from the previous session’s volume of 411,946 shares.The stock last traded at $1.26 and had previously closed at $1.22.

NVLN has been the subject of several research reports. Zacks Investment Research upgraded Novelion Therapeutics from a “hold” rating to a “buy” rating and set a $1.00 target price for the company in a report on Tuesday, November 20th. ValuEngine upgraded Novelion Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd.

The company has a market capitalization of $23.40 million, a price-to-earnings ratio of -0.19 and a beta of 2.16.

Novelion Therapeutics (NASDAQ:NVLN) (TSE:QLT) last issued its quarterly earnings data on Thursday, March 14th. The biotechnology company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.13). The company had revenue of $40.71 million during the quarter, compared to analysts’ expectations of $40.90 million. On average, equities research analysts anticipate that Novelion Therapeutics Inc will post -5.63 earnings per share for the current fiscal year.

In related news, major shareholder Healthcare Master Fun Broadfin sold 278,485 shares of the company’s stock in a transaction on Wednesday, December 26th. The stock was sold at an average price of $0.91, for a total transaction of $253,421.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 18.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of NVLN. Highbridge Capital Management LLC purchased a new stake in shares of Novelion Therapeutics during the 4th quarter worth $795,000. Prosight Management LP increased its position in Novelion Therapeutics by 128.1% during the 3rd quarter. Prosight Management LP now owns 444,068 shares of the biotechnology company’s stock valued at $1,314,000 after buying an additional 249,405 shares in the last quarter. Virtu Financial LLC acquired a new position in Novelion Therapeutics during the 4th quarter valued at about $25,000. Finally, Geode Capital Management LLC increased its position in Novelion Therapeutics by 45.7% during the 4th quarter. Geode Capital Management LLC now owns 82,901 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 26,003 shares in the last quarter. Hedge funds and other institutional investors own 43.20% of the company’s stock.

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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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