On Wednesday, Novelion Therapeutics Inc (NASDAQ: NVLN) started its trading session with the price $0.7 and closed at price of $0.7 by scoring 0.5%. Day range of the stock was $0.7 – $0.72. NVLN stock traded with total volume of 7,745 shares while the average trading capacity remained 168156 shares. Earnings per share was $-5.76.
Novelion Therapeutics Inc. (NVLN) reported that on October 7, 2019 the Nasdaq Office of General Counsel notified the Company that the Nasdaq Hearing Panel (the “Panel”) has determined to affirm the Listing Qualifications Staff’s (“Staff”) decision to delist the Company’s shares from the Nasdaq Stock Market LLC (“Nasdaq”) and that trading of the Company’s ordinary shares will be suspended effective at the open of business on October 9, 2019. The Company does not intend to seek review of or appeal the Panel’s determination.
Background to the Nasdaq Delisting
As before stated, on August 20, 2019, September 25, 2019 and September 26, 2019, the Company received notices from Nasdaq Staff stating that Nasdaq had determined to delist the Company’s ordinary shares based on the Company’s non-compliance with various listing requirements, including Listing Rules 5110(b) and 5250(c)(1) and under the discretionary authority granted to Nasdaq pursuant to Listing Rule 5101. The Company appealed to the Panel, which stayed the suspension of trading and delisting of the Company’s ordinary shares pending the disposition of the appeal, and such hearing regarding the Company’s continued listing on Nasdaq was held on October 3, 2019.
The Company has 19.86 million shares outstanding and 17.05 million shares were floated in market. The short ratio in the company’s stock is documented at 0.99 and the short float is around of 0.59%. The average true range of the stock is observed at 0.09 and the relative strength index of the stock is recorded at 44.34. Net profit margin of the firm was recorded at -79.40% and operating profit margin was calculated at -36.20% while gross profit margin was measured as 54.60%. Beta factor, which measures the riskiness of the security, was registered at 2.09. EPS growth for this year is 15.40% and EPS growth in past five years was -17.80%.