Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires $2,434,033.16 in Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. purchased 35,113 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average price of $69.32 per share, for a total transaction of $2,434,033.16. Following the completion of the acquisition, the insider directly owned 520,000 shares of the company’s stock, valued at $36,046,400. This trade represents a 7.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, August 31st, Opaleye Management Inc. acquired 5,217 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $68.27 per share, with a total value of $356,164.59.
• On Friday, July 10th, Opaleye Management Inc. purchased 229 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $73.95 per share, with a total value of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. purchased 1,400 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. purchased 312 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Stock Up 0.4%

Shares of SLGL stock traded up $0.29 during trading on Monday, hitting $69.10. The company had a trading volume of 111,268 shares, compared to its average volume of 39,865. The stock’s 50-day moving average is $78.75 and its two-hundred day moving average is $77.07. Sol-Gel Technologies Ltd. has a 52 week low of $21.10 and a 52 week high of $97.97. The stock has a market capitalization of $194.17 million, a price-to-earnings ratio of -12.25 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings results on Thursday, August 20th. The company reported ($1.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.36) by $1.23. The firm had revenue of $0.59 million during the quarter, compared to analyst estimates of $0.07 million. Sol-Gel Technologies had a negative return on equity of 44.05% and a negative net margin of 910.14%. On average, research analysts predict that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Navellier & Associates Inc. purchased a new position in Sol-Gel Technologies during the second quarter valued at approximately $429,000. Yelin Lapidot Holdings Management Ltd. purchased a new position in Sol-Gel Technologies during the 4th quarter valued at approximately $748,000. Affinity Asset Advisors LLC purchased a new stake in Sol-Gel Technologies during the first quarter valued at $2,773,000. Finally, Opaleye Management Inc. increased its holdings in shares of Sol-Gel Technologies by 121.5% in the 4th 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 last quarter. Institutional investors own 26.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SLGL shares. HC Wainwright reissued a “buy” rating and issued a $110.00 price target on shares of Sol-Gel Technologies in a report on Monday, July 20th. Wall Street Zen lowered shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Mizuho assumed coverage on Sol-Gel Technologies in a research note on Wednesday, June 24th. They set an “outperform” rating and a $285.00 price objective for the company. TD Cowen assumed coverage on shares of Sol-Gel Technologies in a research report on Friday, May 29th. They set a “buy” rating for the company. Finally, Lifesci Capital raised Sol-Gel Technologies to a “strong-buy” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $197.50.

Sol-Gel Technologies Company Profile

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.