Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 35,113 Shares

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 35,113 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were bought at an average cost of $69.32 per share, with a total value of $2,434,033.16. Following the completion of the purchase, the insider owned 520,000 shares of the company’s stock, valued at $36,046,400. This trade represents a 7.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own more than 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 Monday, August 31st, Opaleye Management Inc. bought 5,217 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $68.27 per share, for a total transaction of $356,164.59.
• On Friday, July 10th, Opaleye Management Inc. bought 229 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $73.95 per share, for a total transaction of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were bought 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 stock was bought at an average cost of $71.99 per share, with a total value of $22,460.88.

Sol-Gel Technologies Price Performance

Shares of NASDAQ:SLGL opened at $69.10 on Tuesday. The firm’s 50 day simple moving average is $78.66 and its 200 day simple moving average is $77.10. Sol-Gel Technologies Ltd. has a fifty-two week low of $21.10 and a fifty-two week high of $97.97. The company has a market capitalization of $194.17 million, a price-to-earnings ratio of -12.25 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings data on Thursday, August 20th. The company reported ($1.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.36) by $1.23. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%. The firm had revenue of $0.59 million during the quarter, compared to analysts’ expectations of $0.07 million. Equities research analysts expect that Sol-Gel Technologies Ltd. will post -8.38 earnings per share for the current year.

Institutional Investors Weigh In On Sol-Gel Technologies

Several large investors have recently made changes to their positions in the stock. Navellier & Associates Inc. acquired a new stake in shares of Sol-Gel Technologies during the second quarter worth $429,000. Yelin Lapidot Holdings Management Ltd. bought a new position in Sol-Gel Technologies during the 4th quarter worth about $748,000. Affinity Asset Advisors LLC bought a new position in Sol-Gel Technologies during the 1st quarter worth about $2,773,000. Finally, Opaleye Management Inc. increased its holdings in 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 purchasing an additional 248,904 shares in the last quarter. Institutional investors own 26.18% of the company’s stock.

Wall Street Analyst Weigh In

SLGL has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $110.00 price objective on shares of Sol-Gel Technologies in a research report on Monday, July 20th. Wall Street Zen lowered Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Mizuho initiated coverage on Sol-Gel Technologies in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 target price for the company. TD Cowen assumed coverage on Sol-Gel Technologies in a report on Friday, May 29th. They issued a “buy” rating for the company. Finally, Weiss Ratings lowered Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Sol-Gel Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

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.