Insider Buying: Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires $101,970.00 in Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 1,500 shares of Sol-Gel Technologies stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $67.98 per share, with a total value of $101,970.00. Following the completion of the transaction, the insider directly owned 486,500 shares of the company’s stock, valued at $33,072,270. This trade represents a 0.31% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Wednesday, May 13th, Opaleye Management Inc. acquired 1,937 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $66.87 per share, with a total value of $129,527.19.

Sol-Gel Technologies Stock Performance

NASDAQ:SLGL opened at $72.72 on Friday. The company has a fifty day moving average of $75.99 and a two-hundred day moving average of $61.00. The stock has a market capitalization of $204.34 million, a PE ratio of -32.61 and a beta of 1.16. Sol-Gel Technologies Ltd. has a fifty-two week low of $6.80 and a fifty-two week high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($1.46). The company had revenue of $0.70 million for the quarter, compared to analyst estimates of $6.50 million. Sol-Gel Technologies had a negative return on equity of 24.29% and a negative net margin of 31.60%.

Analysts Set New Price Targets

A number of brokerages have recently commented on SLGL. Weiss Ratings upgraded shares of Sol-Gel Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wall Street Zen cut shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research report on Saturday. Lifesci Capital upgraded shares of Sol-Gel Technologies to a “strong-buy” rating in a research report on Friday. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price (up from $50.00) on shares of Sol-Gel Technologies in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $110.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Yelin Lapidot Holdings Management Ltd. purchased a new position in Sol-Gel Technologies during the fourth quarter worth about $748,000. Opaleye Management Inc. boosted its stake in Sol-Gel Technologies by 121.5% during the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after buying an additional 248,904 shares during the period. Finally, Affinity Asset Advisors LLC purchased a new position in Sol-Gel Technologies during the first quarter worth about $2,773,000. Hedge funds and other institutional investors own 26.18% of the company’s stock.

About Sol-Gel Technologies

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.