NexGel, Inc. (NASDAQ:NXGL) Shares Shorted: Short Interest Down 67.5% in October

NexGel, Inc. (NASDAQ:NXGL) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 104,742 shares, a drop of 67.5% from the September 30th total of 322,449 shares. Based on an average trading volume of 404,159 shares, the days-to-cover ratio is currently 0.3 days. Approximately 26.8% of the shares of the stock are short sold.

NexGel Trading Down 2.2%

Shares of NASDAQ:NXGL traded down $0.09 during midday trading on Thursday, reaching $3.94. The company had a trading volume of 14,583 shares, compared to its average volume of 43,617. The company has a fifty day simple moving average of $5.31 and a two-hundred day simple moving average of $13.04. The firm has a market cap of $1.93 million, a price-to-earnings ratio of -0.28 and a beta of 0.82. NexGel has a 1-year low of $3.00 and a 1-year high of $53.60. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.27 and a current ratio of 0.43.

NexGel (NASDAQ:NXGL) last posted its quarterly earnings data on Friday, August 14th. The company reported ($8.00) EPS for the quarter, missing analysts’ consensus estimates of ($2.40) by ($5.60). The firm had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $4.32 million. NexGel had a negative net margin of 51.26% and a negative return on equity of 121.18%. Research analysts predict that NexGel will post -18.80 earnings per share for the current year.

Hedge Funds Weigh In On NexGel

An institutional investor recently bought a new stake in NexGel stock. Empery Asset Management LP bought a new stake in NexGel, Inc. (NASDAQ:NXGL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 90,000 shares of the company’s stock, valued at approximately $3,474,000. Empery Asset Management LP owned about 0.98% of NexGel as of its most recent SEC filing. Institutional investors own 2.21% of the company’s stock.

Analysts Set New Price Targets

NXGL has been the topic of several recent analyst reports. Zacks Research raised NexGel to a “hold” rating in a report on Friday, October 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NexGel in a research note on Friday, October 9th. Finally, Maxim Group cut NexGel from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $40.00.

About NexGel

NexGel, Inc (NASDAQ:NXGL) develops and manufactures high-water-content hydrogel products for medical, consumer and other specialized applications. The company uses proprietary formulations and electron-beam processing to produce flexible, skin-compatible products designed to retain moisture and provide cooling, cushioning or conductive properties.

Its product applications include wound care, burn and surgical care, pain management, medical diagnostics and personal wellness. NexGel supplies hydrogel sheets, patches and related components used in products such as wound dressings, therapeutic pads and medical electrodes.