Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 3,861 Shares

Key Points

• Opaleye Management bought 3,861 SLGL shares at an average $68.82 each, increasing its position by 0.73% to 533,779 shares valued at roughly $36.7 million. The purchase continues a series of recent acquisitions by the major shareholder.
• Sol-Gel Technologies shares fell 0.3% to $69.18, well below their 50-day and 200-day moving averages. The company remains unprofitable, though its latest quarterly loss of $1.13 per share was better than analysts’ expected $2.36 loss.
• Institutional investors own 26.18% of the company, while analyst opinion remains mixed but leans positive, with a consensus rating of “Moderate Buy” and a $197.50 target price.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. bought 3,861 shares of the firm's stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average cost of $68.82 per share, with a total value of $265,714.02. Following the transaction, the insider directly owned 533,779 shares in the company, valued at approximately $36,734,670.78. This represents a 0.73% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases 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 purchased at an average price of $68.70 per share, with a total value of $212,763.90.
• 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. purchased 5,217 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost 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 purchased 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. acquired 229 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost 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 shares were acquired at an average price of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $71.97 per share, for a total transaction of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. bought 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 Stock Down 0.3%

Shares of NASDAQ:SLGL traded down $0.19 during midday trading on Wednesday, reaching $69.18. The company's stock had a trading volume of 47,501 shares, compared to its average volume of 65,348. The firm has a 50 day moving average of $78.18 and a 200-day moving average of $76.93. The firm has a market capitalization of $194.40 million, a P/E ratio of -12.27 and a beta of 1.12. 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 issued its quarterly earnings results on Friday, August 21st. The company reported ($1.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, research analysts predict that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Navellier & Associates Inc. purchased a new stake in Sol-Gel Technologies in the second quarter worth about $429,000. Yelin Lapidot Holdings Management Ltd. purchased a new position in Sol-Gel Technologies during the 4th quarter valued at about $748,000. Affinity Asset Advisors LLC bought a new stake in shares of Sol-Gel Technologies in the 1st quarter valued at about $2,773,000. Finally, Opaleye Management Inc. lifted its position 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 worth $19,121,000 after purchasing an additional 248,904 shares during the period. 26.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SLGL shares. TD Cowen began coverage on shares of Sol-Gel Technologies in a report on Friday, May 29th. They set a "buy" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Sol-Gel Technologies in a report on Tuesday, September 1st. Wall Street Zen lowered Sol-Gel Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Lifesci Capital upgraded Sol-Gel Technologies to a "strong-buy" rating in a research report on Friday, May 15th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average 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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