Clearside Biomedical, Inc. (CLSD) Cut to “Hold” at Zacks Investment Research
Clearside Biomedical, Inc. (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
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 also recently issued research reports about the stock. Cowen and Company restated a “buy” rating and set a $15.00 price objective on shares of Clearside Biomedical in a report on Thursday, May 11th. ValuEngine upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Saturday, June 24th. JMP Securities started coverage on shares of Clearside Biomedical in a report on Thursday, May 25th. They set an “outperform” rating and a $21.00 price objective on the stock. Finally, Wedbush restated an “outperform” rating and set a $27.00 price objective on shares of Clearside Biomedical in a report on Thursday, April 20th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Clearside Biomedical has a consensus rating of “Buy” and a consensus target price of $19.00.
Clearside Biomedical (CLSD) traded up 1.05% on Monday, reaching $9.62. 132,735 shares of the company were exchanged. The stock’s market capitalization is $243.39 million. Clearside Biomedical has a 12-month low of $5.44 and a 12-month high of $25.08. The company’s 50-day moving average price is $8.14 and its 200-day moving average price is $8.03.
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 Thomson Reuters’ consensus estimate of ($0.44) by $0.03. Clearside Biomedical had a negative net margin of 154,030.02% and a negative return on equity of 53.20%. The firm had revenue of $0.01 million for the quarter. Equities research analysts anticipate that Clearside Biomedical will post ($1.72) earnings per share for the current fiscal year.
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In other news, Director Clay Thorp sold 68,485 shares of the stock in a transaction dated Wednesday, April 19th. The shares were sold at an average price of $7.46, for a total value of $510,898.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel H. White sold 8,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $4,299,755.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 226,510 shares of company stock valued at $1,811,061. 20.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Granite Investment Partners LLC purchased a new stake in shares of Clearside Biomedical during the first quarter valued at approximately $423,000. Norges Bank purchased a new stake in shares of Clearside Biomedical during the fourth quarter valued at approximately $417,000. Marshall Wace North America L.P. purchased a new stake in shares of Clearside Biomedical during the first quarter valued at approximately $1,720,000. FMR LLC increased its stake in shares of 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 in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Clearside Biomedical during the first quarter valued at 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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