Sol-Gel Technologies Ltd. (NASDAQ:SLGL) Sees Large Drop in Short Interest

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 25,059 shares, a drop of 36.9% from the April 30th total of 39,739 shares. Currently, 2.7% of the company’s stock are sold short. Based on an average daily trading volume, of 16,127 shares, the short-interest ratio is currently 1.6 days.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Lifesci Capital raised Sol-Gel Technologies to a “strong-buy” rating in a research report on Friday, May 15th. Weiss Ratings cut Sol-Gel Technologies from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Finally, TD Cowen began coverage on Sol-Gel Technologies in a research report on Friday. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $110.00.

Sol-Gel Technologies Stock Up 4.7%

Shares of Sol-Gel Technologies stock opened at $73.73 on Wednesday. The stock has a market capitalization of $207.18 million, a price-to-earnings ratio of -216.85 and a beta of 1.13. Sol-Gel Technologies has a twelve month low of $6.80 and a twelve month high of $97.97. The company has a 50-day simple moving average of $73.51 and a two-hundred day simple moving average of $64.06.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its earnings results on Thursday, May 28th. The company reported ($1.31) EPS for the quarter, topping the consensus estimate of ($2.86) by $1.55. Sol-Gel Technologies had a negative net margin of 5.66% and a negative return on equity of 3.17%. The company had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.90 million. On average, sell-side analysts anticipate that Sol-Gel Technologies will post -13.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Opaleye Management Inc. purchased 1,937 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average price of $66.87 per share, with a total value of $129,527.19. Following the completion of the purchase, the insider owned 488,437 shares in the company, valued at $32,661,782.19. This represents a 0.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 66.51% of the company’s stock.

Institutional Investors Weigh In On Sol-Gel Technologies

A number of large investors have recently bought and sold shares of the company. Yelin Lapidot Holdings Management Ltd. acquired a new stake in Sol-Gel Technologies in the fourth quarter valued at about $748,000. Affinity Asset Advisors LLC acquired a new position in Sol-Gel Technologies during the 1st quarter worth approximately $2,773,000. Finally, Opaleye Management Inc. lifted its stake in Sol-Gel Technologies by 121.5% in the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock valued at $19,121,000 after purchasing an additional 248,904 shares during the last quarter. 26.18% of the stock is currently owned by institutional investors and hedge funds.

About Sol-Gel Technologies

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.