Short Interest in Novelion Therapeutics Inc (NASDAQ:NVLN) Drops By 28.6%
Novelion Therapeutics Inc (NASDAQ:NVLN) (TSE:QLT) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 100,300 shares, a drop of 28.6% from the July 31st total of 140,400 shares. Based on an average daily trading volume, of 57,800 shares, the days-to-cover ratio is presently 1.7 days. Approximately 0.7% of the shares of the stock are sold short.
A number of institutional investors have recently modified their holdings of the stock. Stonepine Capital Management LLC purchased a new position in Novelion Therapeutics in the 2nd quarter valued at about $383,000. EdgePoint Investment Group Inc. lifted its stake in Novelion Therapeutics by 16.9% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 2,831,555 shares of the biotechnology company’s stock valued at $2,209,000 after buying an additional 410,296 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Novelion Therapeutics by 45.7% in 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. 36.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on NVLN. ValuEngine raised shares of Novelion Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th. Zacks Investment Research raised shares of Novelion Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 21st.
Novelion Therapeutics Company Profile
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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