Sol-Gel Technologies (NASDAQ:SLGL) Releases Quarterly Earnings Results, Beats Estimates By $1.23 EPS

Sol-Gel Technologies (NASDAQ:SLGL) posted its quarterly earnings results on Thursday. The company reported ($1.13) EPS for the quarter, topping analysts’ consensus estimates of ($2.36) by $1.23, FiscalAI reports. The business had revenue of $0.59 million during the quarter, compared to the consensus estimate of $0.07 million. Sol-Gel Technologies had a negative return on equity of 3.17% and a negative net margin of 5.66%.

Sol-Gel Technologies Trading Down 0.9%

Shares of Sol-Gel Technologies stock opened at $78.59 on Thursday. The stock has a market capitalization of $220.84 million, a price-to-earnings ratio of -231.14 and a beta of 1.12. Sol-Gel Technologies has a twelve month low of $16.50 and a twelve month high of $97.97. The business’s 50 day simple moving average is $78.32 and its 200-day simple moving average is $76.51.

Insider Transactions at Sol-Gel Technologies

In related news, major shareholder Opaleye Management Inc. acquired 1,400 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was purchased at an average cost of $71.97 per share, for a total transaction of $100,758.00. Following the purchase, the insider directly owned 491,712 shares in the company, valued at $35,388,512.64. This represents a 0.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders purchased 2,241 shares of company stock worth $162,260. Insiders own 66.51% of the company’s stock.

Institutional Investors Weigh In On Sol-Gel Technologies

An institutional investor recently raised its position in Sol-Gel Technologies stock. Opaleye Management Inc. lifted its position in shares of Sol-Gel Technologies Ltd. (NASDAQ:SLGL) by 121.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 453,739 shares of the company’s stock after acquiring an additional 248,904 shares during the period. Sol-Gel Technologies accounts for 2.5% of Opaleye Management Inc.’s portfolio, making the stock its 9th biggest holding. Opaleye Management Inc. owned about 16.29% of Sol-Gel Technologies worth $19,121,000 at the end of the most recent reporting period. 26.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on SLGL. Wall Street Zen lowered Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Sol-Gel Technologies in a report on Monday, July 20th. TD Cowen assumed coverage on shares of Sol-Gel Technologies in a research note on Friday, May 29th. They set a “buy” rating for the company. Finally, Mizuho assumed coverage on shares of Sol-Gel Technologies in a report on Wednesday, June 24th. They set an “outperform” rating and a $285.00 target price 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.