Clearside Biomedical (NASDAQ:CLSD) was upgraded by Zacks Investment Research from a "sell" rating to a "buy" rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $4.00 price objective on the stock. Zacks Investment Research's price objective suggests a potential upside of 1.27% from the company's previous close.
According to Zacks, "Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. "
A number of other analysts have also issued reports on CLSD. ValuEngine lowered Clearside Biomedical from a "buy" rating to a "hold" rating in a research note on Tuesday, January 5th. Needham & Company LLC reissued a "hold" rating on shares of Clearside Biomedical in a research note on Wednesday, November 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of "Buy" and an average price target of $5.75.
Shares of NASDAQ:CLSD traded up $0.35 during trading on Wednesday, reaching $3.95. 1,509,930 shares of the company were exchanged, compared to its average volume of 2,150,434. The firm has a market capitalization of $191.00 million, a PE ratio of -12.34 and a beta of 1.42. The business's fifty day simple moving average is $2.35 and its 200-day simple moving average is $1.83. Clearside Biomedical has a 12-month low of $1.10 and a 12-month high of $4.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.95 and a quick ratio of 1.95.
Clearside Biomedical (NASDAQ:CLSD) last issued its earnings results on Sunday, November 15th. The company reported ($0.05) EPS for the quarter, topping the Zacks' consensus estimate of ($0.12) by $0.07. The business had revenue of $3.43 million for the quarter, compared to analyst estimates of $0.70 million. Clearside Biomedical had a negative net margin of 144.47% and a negative return on equity of 153.41%. On average, sell-side analysts anticipate that Clearside Biomedical will post -0.37 EPS for the current fiscal year.
In related news, major shareholder Bradford T. Whitmore bought 51,195 shares of the company's stock in a transaction that occurred on Thursday, December 24th. The shares were acquired at an average cost of $1.95 per share, for a total transaction of $99,830.25. Following the acquisition, the insider now owns 3,179,095 shares in the company, valued at approximately $6,199,235.25. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bradford T. Whitmore bought 62,000 shares of the company's stock in a transaction that occurred on Tuesday, November 24th. The shares were bought at an average price of $1.65 per share, for a total transaction of $102,300.00. Following the completion of the acquisition, the insider now owns 3,074,000 shares in the company, valued at approximately $5,072,100. The disclosure for this purchase can be found here. Insiders bought a total of 579,845 shares of company stock worth $1,411,653 over the last ninety days. Corporate insiders own 13.10% of the company's stock.
Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. acquired a new position in Clearside Biomedical during the 2nd quarter worth $50,000. Squarepoint Ops LLC acquired a new stake in Clearside Biomedical in the third quarter valued at approximately $51,000. Principal Financial Group Inc. acquired a new stake in Clearside Biomedical in the second quarter valued at approximately $67,000. Jane Street Group LLC boosted its position in Clearside Biomedical by 33.8% in the second quarter. Jane Street Group LLC now owns 55,348 shares of the company's stock valued at $104,000 after buying an additional 13,982 shares in the last quarter. Finally, Bridgeway Capital Management Inc. boosted its position in Clearside Biomedical by 104.4% in the second quarter. Bridgeway Capital Management Inc. now owns 184,000 shares of the company's stock valued at $346,000 after buying an additional 94,000 shares in the last quarter. Institutional investors and hedge funds own 24.77% of the company's stock.
Clearside Biomedical Company Profile
Clearside Biomedical, Inc, a biopharmaceutical company, develops and delivers treatment that restore and preserve vision for people with serious eye diseases. Its preclinical products include CLS-AX, an axitinib for suprachoroidal injection. It also develops XIPERE, a triamcinolone acetonide suprachoroidal injectable suspension for the treatment of macular edema associated with uveitis, diabetic macular edema, and macular edema associated with retinal vein occlusion.
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