KALA BIO (NASDAQ:KALA) Trading Down 5.5% – Here’s What Happened

KALA BIO, Inc. (NASDAQ:KALA)’s share price was down 5.5% during mid-day trading on Monday . The stock traded as low as $0.5353 and last traded at $0.5407. 182,409 shares traded hands during trading, a decline of 75% from the average daily volume of 733,517 shares. The stock had previously closed at $0.5724.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of KALA BIO from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of KALA BIO in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, KALA BIO has an average rating of “Reduce” and an average target price of $912.50.

KALA BIO Price Performance

The firm’s 50 day moving average price is $0.77 and its 200 day moving average price is $4.74. The stock has a market capitalization of $9.82 million, a P/E ratio of -0.02 and a beta of -2.28.

KALA BIO (NASDAQ:KALA) last posted its earnings results on Wednesday, August 19th. The company reported ($21.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.00) by ($15.32).

Institutional Investors Weigh In On KALA BIO

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in KALA BIO in the second quarter worth $124,000. Renaissance Technologies LLC boosted its holdings in shares of KALA BIO by 920.7% during the 1st quarter. Renaissance Technologies LLC now owns 417,517 shares of the company’s stock valued at $72,000 after buying an additional 376,612 shares in the last quarter. Finally, Baker BROS. Advisors LP boosted its holdings in shares of KALA BIO by 83.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,804,055 shares of the company’s stock valued at $1,003,000 after buying an additional 818,962 shares in the last quarter. 24.61% of the stock is owned by hedge funds and other institutional investors.

KALA BIO Company Profile

KALA Bio (NASDAQ: KALA) is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for ocular diseases. The company’s proprietary surface charge–based nanoparticle delivery platform is designed to enhance penetration and retention of therapeutic agents on the ocular surface. This technology is the basis for its lead product, Eysuvis (KPI-121 1.0%), an FDA-approved topical corticosteroid for short-term relief of ocular itching associated with allergic conjunctivitis.

Beyond its approved therapy, KALA Bio is advancing a pipeline of investigational drug candidates targeting inflammatory and degenerative eye conditions.