Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Buys 35,113 Shares

Key Points

• Opaleye Management purchased 35,113 shares of Sol-Gel Technologies at an average price of $69.32, investing approximately $2.43 million. The major shareholder’s holdings increased 7.24% to 520,000 shares, and it has made several additional purchases recently.
• SLGL shares traded around $69.10, with a market capitalization of approximately $194 million, while the stock remains well below its 52-week high of $97.97. The company reported a quarterly loss of $1.13 per share but exceeded analysts’ expectations and generated $590,000 in revenue.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $197.50. Institutional investors and hedge funds own approximately 26.18% of the company.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. bought 35,113 shares of the business's stock in a transaction on Friday, August 28th. The stock was bought at an average price of $69.32 per share, with a total value of $2,434,033.16. Following the transaction, the insider owned 520,000 shares in the company, valued at approximately $36,046,400. This represents a 7.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 Monday, August 31st, Opaleye Management Inc. purchased 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, July 10th, Opaleye Management Inc. acquired 229 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $73.95 per share, for a total transaction of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $71.97 per share, for a total transaction of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. purchased 312 shares of Sol-Gel Technologies stock. The stock was acquired at an average cost of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Price Performance

Shares of SLGL traded up $0.29 during mid-day trading on Monday, reaching $69.10. The company had a trading volume of 111,268 shares, compared to its average volume of 39,865. The company has a market capitalization of $194.17 million, a P/E ratio of -12.25 and a beta of 1.12. The company's 50-day moving average is $78.75 and its 200-day moving average is $77.07. Sol-Gel Technologies Ltd. has a twelve month low of $21.10 and a twelve month high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report) last announced its earnings results on Thursday, August 20th. The company reported ($1.13) earnings per share for the quarter, beating analysts' consensus estimates of ($2.36) by $1.23. Sol-Gel Technologies had a negative return on equity of 44.05% and a negative net margin of 910.14%.The company had revenue of $0.59 million during the quarter, compared to analyst estimates of $0.07 million. As a group, equities analysts expect that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Institutional Trading of Sol-Gel Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Yelin Lapidot Holdings Management Ltd. bought a new stake in shares of Sol-Gel Technologies during the fourth quarter worth about $748,000. Opaleye Management Inc. increased its stake in shares of Sol-Gel Technologies by 121.5% in the 4th 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 position in Sol-Gel Technologies during the 1st quarter worth approximately $2,773,000. Finally, Navellier & Associates Inc. bought a new stake in Sol-Gel Technologies during the 2nd quarter valued at $429,000. Institutional investors and hedge funds own 26.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Weiss Ratings downgraded shares of Sol-Gel Technologies from a "sell (d+)" rating to a "sell (d-)" rating in a research note on Thursday, June 4th. Mizuho began coverage on Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an "outperform" rating and a $285.00 target price on the stock. Lifesci Capital raised Sol-Gel Technologies to a "strong-buy" rating in a research report on Friday, May 15th. Wall Street Zen lowered shares of Sol-Gel Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, HC Wainwright restated a "buy" rating and issued a $110.00 price target on shares of Sol-Gel Technologies in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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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