Zacks Investment Research upgraded shares of Clearside Biomedical, Inc. (NASDAQ:CLSD) from a hold rating to a buy rating in a research note published on Tuesday. The brokerage currently has $10.00 target price on the stock.
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 research analysts have also issued reports about the company. Needham & Company LLC lowered their target price on Clearside Biomedical to $18.00 and set a buy rating on the stock in a report on Tuesday, March 14th. Cowen and Company reaffirmed a buy rating on shares of Clearside Biomedical in a report on Tuesday, March 14th. ValuEngine raised Clearside Biomedical from a sell rating to a hold rating in a report on Saturday, June 24th. JMP Securities started coverage on Clearside Biomedical in a report on Thursday, May 25th. They set an outperform rating and a $21.00 target price on the stock. Finally, Wedbush reaffirmed an outperform rating and set a $27.00 target price on shares of Clearside Biomedical in a report on Thursday, April 20th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $19.00.
Shares of Clearside Biomedical (CLSD) traded up 0.8519% during midday trading on Tuesday, reaching $9.6011. 114,494 shares of the company were exchanged. The firm’s 50 day moving average is $8.14 and its 200-day moving average is $8.03. Clearside Biomedical has a 52-week low of $5.44 and a 52-week high of $25.08. The company’s market capitalization is $242.91 million.
Clearside Biomedical (NASDAQ:CLSD) last released its earnings results on Wednesday, May 10th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.03. The firm had revenue of $0.01 million for the quarter. Clearside Biomedical had a negative return on equity of 53.20% and a negative net margin of 154,030.02%. On average, equities analysts forecast that Clearside Biomedical will post ($1.72) earnings per share for the current fiscal year.
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In other Clearside Biomedical news, Director Clay Thorp sold 15,941 shares of Clearside Biomedical stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $8.94, for a total transaction of $142,512.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel H. White sold 3,600 shares of Clearside Biomedical stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $7.78, for a total value of $28,008.00. Following the transaction, the chief executive officer now directly owns 504,067 shares in the company, valued at approximately $3,921,641.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 226,510 shares of company stock worth $1,811,061. Company insiders own 20.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Clearside Biomedical by 377.3% in the fourth quarter. FMR LLC now owns 1,029,600 shares of the company’s stock valued at $9,205,000 after buying an additional 813,889 shares during the period. A.R.T. Advisors LLC purchased a new stake in shares of Clearside Biomedical during the fourth quarter valued at about $101,000. Norges Bank purchased a new stake in shares of Clearside Biomedical during the fourth quarter valued at about $417,000. Granite Investment Partners LLC purchased a new stake in shares of Clearside Biomedical during the first quarter valued at about $423,000. 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 valued at $133,000 after buying an additional 12,800 shares in the last quarter. 49.69% of the stock is currently owned by institutional investors.
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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