Clearside Biomedical, Inc. (CLSD) Downgraded by 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 to clients and investors on Monday.
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. “
Several other equities research analysts have also issued reports on CLSD. Cowen and Company reissued a “buy” rating on shares of Clearside Biomedical in a report on Monday, August 7th. ValuEngine lowered shares of Clearside Biomedical from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Finally, TheStreet lowered shares of Clearside Biomedical from a “c-” rating to a “d” rating in a report on Friday, August 11th. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $18.33.
Clearside Biomedical (NASDAQ:CLSD) traded down $0.04 during midday trading on Monday, hitting $7.30. 59,700 shares of the stock traded hands, compared to its average volume of 154,497. Clearside Biomedical has a 12-month low of $5.44 and a 12-month high of $24.73. The company has a quick ratio of 4.57, a current ratio of 4.57 and a debt-to-equity ratio of 0.15.
Clearside Biomedical (NASDAQ:CLSD) last released its quarterly earnings results on Wednesday, November 8th. The company reported ($0.72) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by ($0.17). Clearside Biomedical had a negative net margin of 17,684.07% and a negative return on equity of 90.72%. The business had revenue of $0.16 million for the quarter, compared to analysts’ expectations of $0.01 million. sell-side analysts forecast that Clearside Biomedical will post -2.25 EPS for the current fiscal year.
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In other Clearside Biomedical news, insider Daniel H. White sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $7.82, for a total value of $62,560.00. Following the completion of the transaction, the insider now directly owns 477,935 shares in the company, valued at approximately $3,737,451.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Clay Thorp sold 24,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $7.52, for a total value of $184,240.00. The disclosure for this sale can be found here. Insiders sold a total of 98,000 shares of company stock valued at $776,655 over the last 90 days. 20.90% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CLSD. Wells Fargo & Company MN boosted its position in shares of Clearside Biomedical by 325.0% during the 1st quarter. Wells Fargo & Company MN now owns 16,739 shares of the company’s stock valued at $133,000 after acquiring an additional 12,800 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Clearside Biomedical by 10.8% during the 1st quarter. Bank of New York Mellon Corp now owns 34,823 shares of the company’s stock valued at $277,000 after acquiring an additional 3,404 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in Clearside Biomedical during the 1st quarter valued at $178,000. TIAA CREF Investment Management LLC raised its holdings in Clearside Biomedical by 30.7% during the 1st quarter. TIAA CREF Investment Management LLC now owns 19,257 shares of the company’s stock valued at $153,000 after buying an additional 4,527 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Clearside Biomedical during the 1st quarter valued at $604,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.
About Clearside Biomedical
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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