Clearside Biomedical, Inc. (NASDAQ:CLSD) Lifted to Buy at Zacks Investment Research
Clearside Biomedical, Inc. (NASDAQ:CLSD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $10.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 6.16% from the company’s previous close.
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 weighed in on CLSD. ValuEngine upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Cowen and Company reiterated a “buy” rating on shares of Clearside Biomedical in a research note on Thursday, June 8th. Wedbush reiterated an “outperform” rating and set a $27.00 price objective on shares of Clearside Biomedical in a research note on Tuesday, March 14th. Needham & Company LLC dropped their price objective on shares of Clearside Biomedical to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, March 14th. Finally, JMP Securities began coverage on shares of Clearside Biomedical in a research note on Thursday, May 25th. They set an “outperform” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $19.00.
Shares of Clearside Biomedical (CLSD) traded up 1.62% during trading on Tuesday, reaching $9.42. The company had a trading volume of 88,568 shares. The stock has a 50 day moving average of $8.14 and a 200 day moving average of $8.03. The stock’s market capitalization is $238.33 million. Clearside Biomedical has a 52-week low of $5.44 and a 52-week high of $25.08.
Clearside Biomedical (NASDAQ:CLSD) last released its quarterly earnings data on Wednesday, May 10th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.03. The firm had revenue of $0.01 million for the quarter. Clearside Biomedical had a negative net margin of 154,030.02% and a negative return on equity of 53.20%. Equities research analysts forecast that Clearside Biomedical will post ($1.72) EPS for the current year.
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In other Clearside Biomedical news, Director Clay Thorp sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $7.43, for a total value of $163,460.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel H. White sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $8.41, for a total transaction of $67,280.00. Following the completion of the sale, the insider now owns 511,267 shares in the company, valued at approximately $4,299,755.47. The disclosure for this sale can be found here. Insiders sold 248,510 shares of company stock worth $1,974,521 in the last 90 days. 20.90% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in CLSD. A.R.T. Advisors LLC purchased a new stake in shares of Clearside Biomedical during the fourth quarter valued at approximately $101,000. Wells Fargo & Company MN raised its position in Clearside Biomedical by 325.0% in the first quarter. Wells Fargo & Company MN now owns 16,739 shares of the company’s stock worth $133,000 after buying an additional 12,800 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Clearside Biomedical by 30.7% in the first quarter. TIAA CREF Investment Management LLC now owns 19,257 shares of the company’s stock worth $153,000 after buying an additional 4,527 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Clearside Biomedical during the first quarter worth approximately $178,000. Finally, Highbridge Capital Management LLC bought a new position in Clearside Biomedical during the first quarter worth approximately $217,000. Institutional investors own 49.69% 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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