Lightwave Logic (NASDAQ:LWLG) Sets New 1-Year High - Here's What Happened

Key Points

• Lightwave Logic's stock reached a new 52-week high of $6.33 during trading, last closing at $5.87 with a trading volume of 114,628 shares.
• Despite the price rise, analysts have a consensus rating of "Sell" on the stock, with Weiss Ratings reaffirming a "sell" rating and Wall Street Zen upgrading it to a "hold".
• Insider trading activity showed Director Thomas M. Connelly, Jr. sold 6,000 shares at an average price of $4.25, while another director sold 10,000 shares at $3.97, indicating some insiders are reducing their positions.

Lightwave Logic Inc. (NASDAQ:LWLG - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $6.33 and last traded at $5.87, with a volume of 114628 shares changing hands. The stock had previously closed at $5.64.

Analysts Set New Price Targets

LWLG has been the topic of several recent research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Lightwave Logic in a report on Wednesday, October 8th. Wall Street Zen raised shares of Lightwave Logic from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat, Lightwave Logic has a consensus rating of "Sell".

Lightwave Logic Trading Up 0.4%

The firm has a market cap of $733.28 million, a price-to-earnings ratio of -31.79 and a beta of 2.53. The stock's fifty day moving average price is $3.43 and its 200-day moving average price is $2.02.

Lightwave Logic (NASDAQ:LWLG - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.05) earnings per share for the quarter. The company had revenue of $0.03 million for the quarter. Lightwave Logic had a negative return on equity of 66.64% and a negative net margin of 22,321.05%.

Insider Buying and Selling

In related news, Director Thomas M. Connelly, Jr. sold 6,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $4.25, for a total transaction of $25,500.00. Following the completion of the transaction, the director owned 45,811 shares of the company's stock, valued at approximately $194,696.75. This trade represents a 11.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ronald A. Bucchi sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $3.97, for a total transaction of $39,700.00. Following the completion of the transaction, the director directly owned 185,583 shares of the company's stock, valued at $736,764.51. This represents a 5.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,000 shares of company stock valued at $106,300. Company insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Lightwave Logic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd purchased a new position in Lightwave Logic in the 2nd quarter valued at approximately $39,000. Hudson Bay Capital Management LP purchased a new position in Lightwave Logic in the 2nd quarter valued at approximately $40,000. Truist Financial Corp purchased a new position in Lightwave Logic in the 2nd quarter valued at approximately $42,000. Vanguard Personalized Indexing Management LLC boosted its position in Lightwave Logic by 18.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 35,547 shares of the company's stock valued at $44,000 after buying an additional 5,468 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in Lightwave Logic by 42.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 36,283 shares of the company's stock valued at $45,000 after buying an additional 10,839 shares during the period. Hedge funds and other institutional investors own 27.04% of the company's stock.

Lightwave Logic Company Profile

Lightwave Logic, Inc focuses on the development of photonic devices and electro-optical polymer materials systems for fiber-optic data communications, telecommunications, and optical computing markets in the United States. The company is involved in the designing and synthesizing of organic chromophores for use in its electro-optic polymer systems and photonic device designs.

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