Bridgeway Capital Management Inc. Takes $839,000 Position in Kala Pharmaceuticals Inc (KALA)
Bridgeway Capital Management Inc. bought a new position in Kala Pharmaceuticals Inc (NASDAQ:KALA) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 85,000 shares of the company’s stock, valued at approximately $839,000. Bridgeway Capital Management Inc. owned approximately 0.25% of Kala Pharmaceuticals as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Alps Advisors Inc. purchased a new position in Kala Pharmaceuticals during the second quarter valued at approximately $489,000. Bank of New York Mellon Corp grew its stake in Kala Pharmaceuticals by 23.2% during the second quarter. Bank of New York Mellon Corp now owns 41,327 shares of the company’s stock valued at $568,000 after acquiring an additional 7,784 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Kala Pharmaceuticals during the third quarter valued at approximately $249,000. Paloma Partners Management Co purchased a new position in Kala Pharmaceuticals during the second quarter valued at approximately $152,000. Finally, Greylock Xii GP LLC purchased a new position in Kala Pharmaceuticals during the third quarter valued at approximately $1,970,000. Hedge funds and other institutional investors own 47.58% of the company’s stock.
KALA stock opened at $5.64 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 6.34 and a quick ratio of 6.27. Kala Pharmaceuticals Inc has a one year low of $5.58 and a one year high of $20.17. The company has a market capitalization of $203.45 million, a price-to-earnings ratio of -0.97 and a beta of 0.56.
In related news, Director Gregory Grunberg purchased 606,060 shares of the business’s stock in a transaction on Friday, October 5th. The stock was acquired at an average price of $8.25 per share, with a total value of $4,999,995.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ra Capital Healthcare Fund Lp purchased 2,424,242 shares of the business’s stock in a transaction on Wednesday, October 3rd. The stock was bought at an average cost of $8.25 per share, with a total value of $19,999,996.50. The disclosure for this purchase can be found here. 35.58% of the stock is owned by insiders.
KALA has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Kala Pharmaceuticals from a “buy” rating to a “sell” rating in a research note on Wednesday, August 15th. Wedbush set a $51.00 price objective on shares of Kala Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, October 10th. Wells Fargo & Co reaffirmed a “buy” rating and set a $15.00 price objective (down previously from $19.00) on shares of Kala Pharmaceuticals in a research note on Thursday, October 4th. HC Wainwright set a $15.00 price objective on shares of Kala Pharmaceuticals and gave the company a “buy” rating in a research note on Friday, November 9th. Finally, BidaskClub cut shares of Kala Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $22.45.
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Kala Pharmaceuticals Profile
Kala Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapies using its proprietary nanoparticle-based Mucus Penetrating Particles (MPP) technology for the treatment of eye diseases. Its product candidates include KPI-121 1.0%, which has completed Phase III clinical trials for the treatment of inflammation and pain following ocular surgery; INVELTYS that has completed Phase III clinical trials for the temporary relief of the signs and symptoms of dry eye disease; and KPI-285, a MPP receptor tyrosine kinase inhibitor program, which is in preclinical studies for the treatment of retinal diseases.
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