In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Novelion Therapeutics Inc. (NASDAQ:NVLN) reported that Armistice Capital has picked up 1,852,000 of common stock as of 2017-05-23.
The acquisition brings the aggregate amount owned by Armistice Capital to a total of 1,852,000 representing less than 9.96% stake in the company.
For those not familiar with the company, 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. The Company holds a portfolio of products through its subsidiary, Aegerion Pharmaceuticals, Inc., a biopharmaceutical company dedicated to the development and commercialization of innovative therapies for patients with debilitating rare diseases. The Company’s portfolio of products include MYALEPT and JUXTAPID. The Company is also developing zuretinol acetate for the treatment of inherited retinal disease caused by underlying mutations in RPE65 or LRAT genes.
A glance at Novelion Therapeutics Inc. (NASDAQ:NVLN)’s key stats reveals a current market capitalization of 18.60 Million based on 176.03 Million shares outstanding and a price at last close of $9.24 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2015-05-15, Aryeh picked up 361 at a purchase price of $8.95. This brings their total holding to 242,433 as of the date of the filing.
On the sell side, the most recent transaction saw Axial unload 8,865,036 shares at a sale price of $3.47. This brings their total holding to 0.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Novelion Therapeutics Inc. (NASDAQ:NVLN) as things move forward to see if its progress aligns with these transactions.
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