Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires 3,097 Shares

Key Points

• Opaleye Management increased its Sol-Gel Technologies position by purchasing 3,097 shares at $68.70 each, worth approximately $212,764. The acquisition raised its direct holdings to 536,876 shares, valued at about $36.9 million.
• The purchase follows several additional acquisitions in recent months, including 35,113 shares bought on August 28, indicating sustained buying by the major shareholder.
• SLGL traded near $69.18, while analysts maintained a “Moderate Buy” consensus with a $197.50 target price. The company recently beat quarterly EPS and revenue estimates but remains unprofitable, with analysts expecting a full-year loss.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. bought 3,097 shares of Sol-Gel Technologies stock in a transaction dated Wednesday, September 9th. The stock was acquired at an average cost of $68.70 per share, with a total value of $212,763.90. Following the completion of the acquisition, the insider directly owned 536,876 shares of the company's stock, valued at approximately $36,883,381.20. The trade was a 0.58% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, September 8th, Opaleye Management Inc. acquired 3,861 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $68.82 per share, for a total transaction of $265,714.02.
• On Friday, September 4th, Opaleye Management Inc. purchased 3,018 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $69.14 per share, for a total transaction of $208,664.52.
• On Monday, August 31st, Opaleye Management Inc. bought 5,217 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $68.27 per share, for a total transaction of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. acquired 35,113 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $69.32 per share, with a total value of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. purchased 229 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $73.95 per share, with a total value of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. acquired 1,400 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. acquired 312 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Price Performance

SLGL traded down $0.19 during midday trading on Wednesday, reaching $69.18. 47,501 shares of the company's stock were exchanged, compared to its average volume of 65,348. Sol-Gel Technologies Ltd. has a 1-year low of $23.13 and a 1-year high of $97.97. The stock has a market capitalization of $194.40 million, a PE ratio of -12.27 and a beta of 1.12. The business's 50-day moving average price is $78.18 and its 200 day moving average price is $76.93.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report) last announced its earnings results on Friday, August 21st. The company reported ($1.13) earnings per share for the quarter, beating the consensus estimate of ($2.36) by $1.23. The firm had revenue of $0.59 million during the quarter, compared to the consensus estimate of $0.07 million. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%. As a group, analysts expect that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on SLGL. Mizuho assumed coverage on shares of Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an "outperform" rating and a $285.00 price target for the company. 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. Weiss Ratings restated a "sell (d-)" rating on shares of Sol-Gel Technologies in a research report on Tuesday, September 1st. Finally, HC Wainwright reissued a "buy" rating and set a $110.00 price objective on shares of Sol-Gel Technologies in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $197.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGL. Opaleye Management Inc. grew its stake 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 valued at $19,121,000 after acquiring an additional 248,904 shares in the last quarter. Affinity Asset Advisors LLC acquired a new stake in Sol-Gel Technologies in the 1st quarter worth about $2,773,000. Yelin Lapidot Holdings Management Ltd. acquired a new stake in Sol-Gel Technologies in the 4th quarter worth about $748,000. Finally, Navellier & Associates Inc. bought a new stake in shares of Sol-Gel Technologies in the second quarter valued at approximately $429,000. 26.18% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.