On July 9, QLT, Inc. (NASDAQ:QLTI) announced major changes to its business plan including the reduction of 146 employees, the planned departure of CEO Robert Butchofsky, hiring Goldman Sachs to explore strategic alternatives for the company’s punctal plugs technology, and returning $100 million to shareholders “as soon as practicable”. RBC Analyst Douglas Miehm stated in a research note today that the market is not fully appreciating the plan due to uncertainty related to the sale or partnering of assets. The firm believes QLTI has an attractive risk/reward, with downside in the $6.50-$7.00 range, and upside potential to $12.00 or more. RBC raised its price target today from $9.00 to $11.00 .Expect the shares to continue their rising trend as the new board is acting aggressively, and has a demonstrated track record for increasing shareholder value through the divestiture and/or grooming of assets.
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