FIDO behind some of the sell pressure:
>>BOSTON -(Dow Jones)- Certain funds advised by Fidelity Management & Research Co., Fidelity Management Trust Co. and Fidelity International Ltd. have sold 420,500 QLT Inc. (Toronto:QLT.TO - News) shares.
In a press release, Fidelity said it now holds 6.6 million QLT shares, or about 9.75%. It said it holds the shares for investment purposes.
As reported, Fidelity sold 285,000 QLT shares last week, which dropped its stake to 12.75%.
QLT, Vancouver, develops pharmaceutical products for use in photodynamic therapy.
-Stephanie Thomas, Dow Jones Newswires; 416-306-2100<<
The bad news being that FIDO has plenty left to sell.
Still, funds are often forced to bail at the worst times because of redemptions. One could argue that QLT is now undervalued and oversold, but one could make that argument about many biotechs.
Cheers, Tuck |
