HC Wainwright Reiterates "Buy" Rating for Sol-Gel Technologies (NASDAQ:SLGL)

Key Points

• HC Wainwright reaffirmed its Buy rating on Sol-Gel Technologies and kept a $110 price target, implying about 32% upside from the stock’s current price.
• Analyst sentiment is still broadly positive overall, with MarketBeat showing a Moderate Buy consensus and an average target price of $197.50, despite some mixed ratings from other firms.
• Sol-Gel reported a narrower-than-expected quarterly loss of ($1.31) EPS versus the expected ($2.86), but revenue came in well below estimates at $0.11 million.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $110.00 target price on the stock. HC Wainwright's target price indicates a potential upside of 32.21% from the company's current price.

Other equities analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Sol-Gel Technologies from a "sell (d+)" rating to a "sell (d-)" rating in a report on Thursday, June 4th. Lifesci Capital raised shares of Sol-Gel Technologies to a "strong-buy" rating in a report on Friday, May 15th. TD Cowen started coverage on shares of Sol-Gel Technologies in a research report on Friday, May 29th. They issued a "buy" rating for the company. Mizuho began coverage on Sol-Gel Technologies in a research note on Wednesday, June 24th. They issued an "outperform" rating and a $285.00 target price on the stock. Finally, Wall Street Zen downgraded Sol-Gel Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sol-Gel Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $197.50.

Sol-Gel Technologies Stock Performance

Shares of NASDAQ SLGL opened at $83.20 on Monday. Sol-Gel Technologies has a 12 month low of $8.02 and a 12 month high of $97.97. The firm has a market capitalization of $233.79 million, a price-to-earnings ratio of -244.70 and a beta of 1.12. The business has a 50-day moving average of $73.58 and a 200-day moving average of $72.39.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report) last posted its quarterly earnings data on Thursday, May 28th. The company reported ($1.31) earnings per share for the quarter, topping the consensus estimate of ($2.86) by $1.55. Sol-Gel Technologies had a negative net margin of 5.66% and a negative return on equity of 3.17%. The company had revenue of $0.11 million for the quarter, compared to analysts' expectations of $0.90 million. On average, analysts predict that Sol-Gel Technologies will post -9.1 earnings per share for the current year.

Insider Activity

In other Sol-Gel Technologies news, major shareholder Opaleye Management Inc. acquired 1,400 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was bought at an average price of $71.97 per share, with a total value of $100,758.00. Following the purchase, the insider owned 491,712 shares of the company's stock, valued at approximately $35,388,512.64. This trade represents a 0.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have acquired 5,678 shares of company stock valued at $393,758. 66.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sol-Gel Technologies

A number of large investors have recently added to or reduced their stakes in SLGL. Yelin Lapidot Holdings Management Ltd. bought a new stake in Sol-Gel Technologies in the fourth quarter worth $748,000. Affinity Asset Advisors LLC purchased a new position in shares of Sol-Gel Technologies in the first quarter worth about $2,773,000. Finally, Opaleye Management Inc. increased its holdings in shares of Sol-Gel Technologies by 121.5% in the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company's stock worth $19,121,000 after buying an additional 248,904 shares during the period. Hedge funds and other institutional investors own 26.18% of the company's stock.

About Sol-Gel Technologies

Sol-Gel Technologies, Inc NASDAQ: SLGL is a U.S.-based advanced materials company specializing in the development and commercialization of nanostructured materials using proprietary sol-gel processes. Leveraging expertise in materials chemistry and thin-film deposition, the company focuses on the production of metal oxide powders, sols, coatings and functional inks designed to enhance performance in a variety of industrial and commercial applications.

The company's product portfolio includes corrosion- and abrasion-resistant coatings, dielectric and conductive films, catalyst supports and specialty fillers.

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