Opaleye Management Inc. Acquires 229 Shares of Sol-Gel Technologies (NASDAQ:SLGL) Stock

Key Points

• Opaleye Management Inc. bought 229 more shares of Sol-Gel Technologies at $73.95 each, bringing its stake to 492,241 shares worth about $36.4 million. The purchase was disclosed in an SEC filing.
• The firm has been actively adding to its position, including several earlier purchases in July and May, signaling continued insider accumulation. Opaleye’s ownership recently increased by 0.05% from the latest trade.
• Sol-Gel Technologies shares fell to $73.95 on Friday, while the company reported a smaller-than-expected loss in its latest earnings. Analysts currently rate the stock a Moderate Buy with an average price target of $197.50.

Sol-Gel Technologies Ltd. (NASDAQ:SLGL - Get Free Report) major shareholder Opaleye Management Inc. purchased 229 shares of the business's stock in a transaction dated Friday, July 10th. The shares were purchased at an average price of $73.95 per share, for a total transaction of $16,934.55. Following the acquisition, the insider owned 492,241 shares of the company's stock, valued at approximately $36,401,221.95. The trade was a 0.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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, July 8th, Opaleye Management Inc. acquired 300 shares of Sol-Gel Technologies stock. The stock was acquired at an average cost 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, with a total value of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. purchased 1,937 shares of Sol-Gel Technologies stock. The shares were acquired at an average cost of $66.87 per share, for a total transaction of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. acquired 1,500 shares of Sol-Gel Technologies stock. The shares were acquired at an average cost of $67.98 per share, for a total transaction of $101,970.00.

Sol-Gel Technologies Price Performance

NASDAQ SLGL traded down $2.41 during trading hours on Friday, hitting $73.95. The company's stock had a trading volume of 54,096 shares, compared to its average volume of 34,500. Sol-Gel Technologies Ltd. has a 12 month low of $7.62 and a 12 month high of $97.97. The company's 50 day simple moving average is $72.96 and its two-hundred day simple moving average is $70.94. The company has a market cap of $207.80 million, a P/E ratio of -217.49 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL - Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported ($1.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.86) by $1.55. The business had revenue of $0.11 million for the quarter, compared to analysts' expectations of $0.90 million. Sol-Gel Technologies had a negative net margin of 5.66% and a negative return on equity of 3.17%. As a group, research analysts predict that Sol-Gel Technologies Ltd. will post -9.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sol-Gel Technologies

A number of institutional investors have recently bought and sold shares of SLGL. Affinity Asset Advisors LLC purchased a new position in Sol-Gel Technologies during the first quarter valued at $2,773,000. Opaleye Management Inc. increased its position in Sol-Gel Technologies by 121.5% in the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company's stock worth $19,121,000 after buying an additional 248,904 shares in the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. bought a new position in shares of Sol-Gel Technologies in the fourth quarter worth about $748,000. 26.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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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