Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 5,217 Shares of Stock

Key Points

• Opaleye Management bought 5,217 Sol-Gel Technologies shares at an average $68.27 each, investing approximately $356,165 and increasing its ownership to 525,217 shares valued at about $35.9 million.
• Opaleye has made several additional purchases recently, including 35,113 shares on August 28, reinforcing its substantially increased position in the company.
• SLGL traded around $69.10, while analysts maintained a “Moderate Buy” consensus with an average price target of $197.50; however, the company remains unprofitable and analysts expect a full-year loss.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. acquired 5,217 shares of Sol-Gel Technologies stock in a transaction dated Monday, August 31st. The stock was purchased at an average cost of $68.27 per share, with a total value of $356,164.59. Following the completion of the purchase, the insider owned 525,217 shares of the company's stock, valued at approximately $35,856,564.59. This represents a 1.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 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 Friday, August 28th, Opaleye Management Inc. bought 35,113 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $69.32 per share, for a total transaction of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. bought 229 shares of Sol-Gel Technologies stock. The stock was 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. purchased 300 shares of Sol-Gel Technologies stock. The stock was 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. purchased 1,400 shares of Sol-Gel Technologies stock. The stock was acquired at an average price 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 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 NASDAQ SLGL traded up $0.29 during mid-day trading on Monday, reaching $69.10. The company's stock had a trading volume of 111,268 shares, compared to its average volume of 39,865. Sol-Gel Technologies Ltd. has a 52 week low of $21.10 and a 52 week high of $97.97. The stock has a fifty day moving average of $78.75 and a two-hundred day moving average of $77.07. The firm has a market capitalization of $194.17 million, a PE ratio of -12.25 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report) last issued its earnings results on Thursday, August 20th. The company reported ($1.13) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $0.07 million. Analysts anticipate that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Sol-Gel Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLGL. Navellier & Associates Inc. purchased a new position in Sol-Gel Technologies during the 2nd quarter valued at approximately $429,000. Yelin Lapidot Holdings Management Ltd. bought a new stake in Sol-Gel Technologies in the 4th quarter worth approximately $748,000. Affinity Asset Advisors LLC purchased a new stake in shares of Sol-Gel Technologies during the 1st quarter worth approximately $2,773,000. Finally, Opaleye Management Inc. raised its holdings in shares of Sol-Gel Technologies by 121.5% during the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company's stock worth $19,121,000 after acquiring an additional 248,904 shares in the last quarter. 26.18% of the stock is owned by institutional investors.

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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