Insider Buying: Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires $22,107.00 in Stock

Key Points

• Major shareholder Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies at $73.69 apiece, a $22,107 transaction. The filing also shows Opaleye recently made several additional purchases, signaling continued insider buying.
• After the latest trade, Opaleye directly owned 492,012 shares valued at about $36.3 million, and its ownership increased by 0.06%. The article notes large shareholders must disclose such transactions to the SEC.
• Sol-Gel Technologies recently reported a smaller-than-expected quarterly loss of $1.31 per share, beating analyst estimates, though revenue came in below forecasts. Wall Street’s overall view remains Moderate Buy with a consensus target price of $197.50.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. purchased 300 shares of the firm's stock in a transaction on Wednesday, July 8th. The stock was bought at an average price of $73.69 per share, for a total transaction of $22,107.00. Following the completion of the transaction, the insider directly owned 492,012 shares in the company, valued at approximately $36,256,364.28. The trade was a 0.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Friday, July 10th, Opaleye Management Inc. acquired 229 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $73.95 per share, with a total value of $16,934.55.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. bought 312 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $71.99 per share, for a total transaction of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. purchased 1,937 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $66.87 per share, for a total transaction of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. purchased 1,500 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $67.98 per share, with a total value of $101,970.00.

Sol-Gel Technologies Stock Performance

Shares of SLGL stock traded down $2.41 during mid-day trading on Friday, reaching $73.95. The company's stock had a trading volume of 54,096 shares, compared to its average volume of 34,500. Sol-Gel Technologies Ltd. has a 1-year low of $7.62 and a 1-year high of $97.97. The company has a market cap of $207.80 million, a P/E ratio of -217.49 and a beta of 1.12. The firm's 50-day moving average is $72.96 and its two-hundred day moving average is $70.94.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SLGL. Yelin Lapidot Holdings Management Ltd. acquired a new stake in Sol-Gel Technologies during the 4th quarter valued at $748,000. Opaleye Management Inc. grew its holdings in shares of Sol-Gel Technologies by 121.5% during the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company's stock worth $19,121,000 after purchasing an additional 248,904 shares during the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in shares of Sol-Gel Technologies during the first quarter worth $2,773,000. 26.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SLGL shares. Weiss Ratings downgraded Sol-Gel Technologies from a "sell (d+)" rating to a "sell (d-)" rating in a research report on Thursday, June 4th. TD Cowen began coverage on Sol-Gel Technologies in a research report on Friday, May 29th. They issued a "buy" rating on the stock. Lifesci Capital upgraded Sol-Gel Technologies to a "strong-buy" rating in a research note on Friday, May 15th. Wall Street Zen cut Sol-Gel Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Mizuho assumed coverage on shares of Sol-Gel Technologies in a report on Wednesday, June 24th. They issued an "outperform" rating and a $285.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sol-Gel Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $197.50.

Sol-Gel Technologies Company Profile

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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