Clearside Biomedical, Inc. (CLSD) Cut to “Sell” at Zacks Investment Research
Clearside Biomedical, Inc. (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. “
Other equities research analysts also recently issued research reports about the stock. Cowen and Company reaffirmed a “buy” rating and set a $15.00 price objective on shares of Clearside Biomedical in a research report on Thursday, May 11th. ValuEngine raised shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. JMP Securities initiated coverage on shares of Clearside Biomedical in a research report on Thursday, May 25th. They set an “outperform” rating and a $21.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Clearside Biomedical in a research report on Thursday, April 20th. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the company. Clearside Biomedical currently has a consensus rating of “Buy” and an average target price of $19.00.
Clearside Biomedical (NASDAQ:CLSD) traded up 2.70% during mid-day trading on Friday, hitting $7.04. The stock had a trading volume of 158,324 shares. The company’s market cap is $178.18 million. Clearside Biomedical has a one year low of $5.44 and a one year high of $25.08. The company has a 50 day moving average price of $9.07 and a 200-day moving average price of $8.03.
Clearside Biomedical (NASDAQ:CLSD) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by $0.13. Clearside Biomedical had a negative net margin of 27,225.52% and a negative return on equity of 63.76%. The business had revenue of $0.13 million for the quarter. Equities analysts expect that Clearside Biomedical will post ($1.90) earnings per share for the current fiscal year.
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In other news, insider Daniel H. White sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $7.89, for a total value of $63,120.00. Following the completion of the sale, the insider now directly owns 504,067 shares of the company’s stock, valued at approximately $3,977,088.63. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Clay Thorp sold 15,941 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $8.94, for a total transaction of $142,512.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 159,170 shares of company stock valued at $1,342,339. Company insiders own 20.90% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Nationwide Fund Advisors raised its stake in shares of Clearside Biomedical by 118.3% in the second quarter. Nationwide Fund Advisors now owns 11,703 shares of the company’s stock worth $107,000 after buying an additional 6,343 shares in the last quarter. Parametric Portfolio Associates LLC bought a new stake in shares of Clearside Biomedical during the second quarter worth $122,000. ProShare Advisors LLC raised its stake in shares of Clearside Biomedical by 4.0% in the second quarter. ProShare Advisors LLC now owns 14,814 shares of the company’s stock worth $135,000 after buying an additional 563 shares in the last quarter. State of Wisconsin Investment Board bought a new stake in shares of Clearside Biomedical during the second quarter worth $137,000. Finally, Wells Fargo & Company MN raised its stake in shares of Clearside Biomedical by 325.0% in the first quarter. Wells Fargo & Company MN now owns 16,739 shares of the company’s stock worth $133,000 after buying an additional 12,800 shares in the last quarter. 49.67% of the stock is owned by institutional investors.
Clearside Biomedical Company Profile
Clearside Biomedical, Inc is a clinical biopharmaceutical company developing first-in-class drug therapies to treat blinding diseases of the eye. The Company’s product candidates focus on diseases affecting the retina, which is the tissue that lines the inside of the eye and is primarily responsible for vision, and the choroid, which is the layer adjacent to the retina that supplies the retina with blood, oxygen and nourishment.
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