Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 3,018 Shares

Key Points

• Opaleye Management continued buying Sol-Gel Technologies shares, acquiring 3,018 shares at $69.14 each for approximately $208,665 and increasing its position by 0.57% to 529,918 shares. The firm also made several additional purchases recently, including 35,113 shares on August 28.
• Sol-Gel shares fell 0.3% to $69.18, while the company reported a quarterly loss of $1.13 per share—better than the expected $2.36 loss—and revenue of $0.59 million versus a $0.07 million estimate.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $197.50, although ratings range from Strong Buy to Sell. Institutional investors and hedge funds own 26.18% of the company.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. acquired 3,018 shares of the business's stock in a transaction on Friday, September 4th. The shares were bought at an average cost of $69.14 per share, for a total transaction of $208,664.52. Following the acquisition, the insider owned 529,918 shares of the company's stock, valued at $36,638,530.52. This represents a 0.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 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 Wednesday, September 9th, Opaleye Management Inc. bought 3,097 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $68.70 per share, with a total value of $212,763.90.
• On Tuesday, September 8th, Opaleye Management Inc. purchased 3,861 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $68.82 per share, for a total transaction of $265,714.02.
• On Monday, August 31st, Opaleye Management Inc. purchased 5,217 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $68.27 per share, with a total value of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. acquired 35,113 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $69.32 per share, for a total transaction of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. purchased 229 shares of Sol-Gel Technologies stock. The shares were 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 stock was bought at an average price of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. purchased 1,400 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. purchased 312 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $71.99 per share, with a total value of $22,460.88.

Sol-Gel Technologies Stock Down 0.3%

NASDAQ:SLGL traded down $0.19 during midday trading on Wednesday, reaching $69.18. The stock had a trading volume of 47,501 shares, compared to its average volume of 65,348. The stock has a market cap of $194.40 million, a P/E ratio of -12.27 and a beta of 1.12. The firm has a fifty day simple moving average of $78.18 and a two-hundred day simple moving average of $76.93. Sol-Gel Technologies Ltd. has a 12-month low of $23.13 and a 12-month high of $97.97.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. TD Cowen initiated coverage on Sol-Gel Technologies in a research note on Friday, May 29th. They set a "buy" rating for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sol-Gel Technologies in a research report on Tuesday, September 1st. Mizuho initiated coverage on shares of Sol-Gel Technologies in a research note on Wednesday, June 24th. They set an "outperform" rating and a $285.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $110.00 price target on shares of Sol-Gel Technologies in a report on Monday, July 20th. Finally, Wall Street Zen downgraded shares of Sol-Gel Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $197.50.

Hedge Funds Weigh In On Sol-Gel Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of SLGL. Navellier & Associates Inc. purchased a new stake in Sol-Gel Technologies during the second quarter worth $429,000. Yelin Lapidot Holdings Management Ltd. acquired a new position in shares of Sol-Gel Technologies during the 4th quarter worth $748,000. Affinity Asset Advisors LLC purchased a new stake in shares of Sol-Gel Technologies in the 1st quarter worth about $2,773,000. Finally, Opaleye Management Inc. grew its stake in 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 during the last quarter. 26.18% of the stock is owned by institutional investors and hedge funds.

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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