Zacks Investment Research upgraded shares of QLT Inc. (NASDAQ:QLTI) (TSE:QLT) from a hold rating to a buy rating in a report published on Tuesday. They currently have $2.00 price target on the stock.
According to Zacks, “QLT’s third-quarter loss came in line with expectations. The upcoming merger with Aegerion is in focus, which will lead to the formation of a global biopharmaceutical company, Novelion Therapeutics. Novelion will focus on rare diseases and create a diversified portfolio primarily consisting of Aegerion’s two marketed drugs – Juxtapid and Myalept – and QLT’s phase III ready ophthalmology candidate (expected to begin before 2016 end), QLT091001. Moreover, merger with Aegerion will allow QLT to reap benefits from a larger scale and diversification, apart from creating a more liquid stock. The transaction is expected to close before the end of 2016. However, Juxtapid is witnessing continued sales erosion due to the availability of PCSK9 inhibitors. Aegerion is also looking to withdraw the drug from the EU and certain other global markets by 2016 end to mitigate competitive pressure.”
QLT (NASDAQ:QLTI) opened at 1.82 on Tuesday. QLT has a 12-month low of $1.22 and a 12-month high of $3.01. The firm’s 50-day moving average is $1.84 and its 200 day moving average is $1.58. The firm’s market cap is $96.15 million.
QLT (NASDAQ:QLTI) last released its quarterly earnings results on Tuesday, November 1st. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. During the same quarter last year, the firm earned ($0.05) EPS. Equities research analysts predict that QLT will post ($0.73) EPS for the current year.
In related news, major shareholder Stonepine Capital, L.P. acquired 133,496 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were acquired at an average cost of $1.55 per share, for a total transaction of $206,918.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in QLTI. Brandes Investment Partners LP raised its position in shares of QLT by 9.0% in the third quarter. Brandes Investment Partners LP now owns 323,953 shares of the company’s stock valued at $667,000 after buying an additional 26,619 shares during the last quarter. 1492 Capital Management LLC raised its position in QLT by 520.0% in the third quarter. 1492 Capital Management LLC now owns 62,000 shares of the company’s stock valued at $128,000 after buying an additional 52,000 shares during the last quarter. DRW Securities LLC acquired a new position in QLT during the second quarter valued at approximately $115,000. Bridgeway Capital Management Inc. raised its position in QLT by 67.6% in the second quarter. Bridgeway Capital Management Inc. now owns 172,500 shares of the company’s stock valued at $245,000 after buying an additional 69,600 shares during the last quarter. Finally, Ancora Advisors LLC raised its position in QLT by 1.5% in the second quarter. Ancora Advisors LLC now owns 3,396,083 shares of the company’s stock valued at $4,822,000 after buying an additional 48,964 shares during the last quarter. Institutional investors and hedge funds own 61.08% of the company’s stock.
QLT Company Profile
QLT Inc is a biotechnology company. The Company is focused on the development and commercialization of ocular products. The Company’s operations consist of clinical development programs focused on its synthetic retinoid, QLT091001, for the treatment of certain age-related and inherited retinal diseases (IRD) caused by retinal pigment epithelium protein 65 (RPE65) and lecithin: retinol acyltransferase (LRAT) gene mutations.