Zacks Investment Research Upgrades Clearside Biomedical (CLSD) to “Hold”
Clearside Biomedical (NASDAQ:CLSD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
A number of other brokerages have also weighed in on CLSD. Cowen reissued a “buy” rating on shares of Clearside Biomedical in a report on Wednesday, October 25th. ValuEngine lowered Clearside Biomedical from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Finally, TheStreet lowered Clearside Biomedical from a “c-” rating to a “d” rating in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $18.33.
Clearside Biomedical (NASDAQ:CLSD) last announced its quarterly earnings data on Wednesday, November 8th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). The firm had revenue of $0.16 million during the quarter, compared to analyst estimates of $0.01 million. Clearside Biomedical had a negative net margin of 17,684.07% and a negative return on equity of 90.72%. equities analysts predict that Clearside Biomedical will post -2.33 earnings per share for the current year.
In other news, Director Clay Thorp sold 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $7.49, for a total value of $63,665.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel H. White sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $7.82, for a total value of $62,560.00. Following the completion of the transaction, the insider now owns 477,935 shares in the company, valued at approximately $3,737,451.70. The disclosure for this sale can be found here. Insiders have sold 152,000 shares of company stock worth $1,132,035 in the last quarter. 20.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC lifted its position in Clearside Biomedical by 4.0% during the second quarter. ProShare Advisors LLC now owns 14,814 shares of the company’s stock worth $135,000 after buying an additional 563 shares in the last quarter. Marshall Wace North America L.P. lifted its position in Clearside Biomedical by 1.9% during the second quarter. Marshall Wace North America L.P. now owns 218,960 shares of the company’s stock worth $1,971,000 after buying an additional 4,010 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Clearside Biomedical by 30.7% during the first quarter. TIAA CREF Investment Management LLC now owns 19,257 shares of the company’s stock worth $153,000 after acquiring an additional 4,527 shares during the last quarter. Nationwide Fund Advisors increased its stake in Clearside Biomedical by 118.3% during the second quarter. Nationwide Fund Advisors now owns 11,703 shares of the company’s stock worth $107,000 after acquiring an additional 6,343 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Clearside Biomedical by 33.4% during the first quarter. Goldman Sachs Group Inc. now owns 43,852 shares of the company’s stock worth $348,000 after acquiring an additional 10,972 shares during the last quarter. Hedge funds and other institutional investors own 51.73% of the company’s stock.
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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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