RBC gives QLT sector perform rating

QLT Inc. was rated at sector perform, above average risk, with a $7 price target by RBC Capital Markets analyst Douglas Meihm. The company had weak second-quarter sales of Visudyne of $95.3 million worldwide (U.S. sales of $18.9 million), or a 26.1% decline compared to the same period last year. RBC estimated Visudyne sales of $100.8 million (U.S. sales estimate $27.5 million). Shares of the Vancouver, B.C.-based biopharmaceutical company were down 21 cents, or 3.17%, at $6.41 on volume of 800,305 shares versus the three-month running average of 787,380 shares. (Nasdaq: QLTI)

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