Opaleye Management Inc. Buys 229 Shares of Sol-Gel Technologies (NASDAQ:SLGL) Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 229 shares of Sol-Gel Technologies stock in a transaction on Friday, July 10th. The shares were bought at an average cost of $73.95 per share, for a total transaction of $16,934.55. Following the completion of the purchase, the insider directly owned 492,241 shares of the company’s stock, valued at $36,401,221.95. The trade was a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were acquired at an average cost of $71.97 per share, for a total transaction of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. purchased 312 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $71.99 per share, with a total value of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. purchased 1,937 shares of Sol-Gel Technologies stock. The stock was acquired at an average cost of $66.87 per share, with a total value of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. purchased 1,500 shares of Sol-Gel Technologies stock. The stock was acquired at an average cost of $67.98 per share, with a total value of $101,970.00.

Sol-Gel Technologies Stock Down 3.2%

Shares of NASDAQ SLGL traded down $2.41 during midday trading on Friday, reaching $73.95. 54,150 shares of the company’s stock traded hands, compared to its average volume of 26,060. The company has a market cap of $207.80 million, a price-to-earnings ratio of -217.49 and a beta of 1.12. The stock’s 50 day simple moving average is $73.01 and its 200-day simple moving average is $70.97. Sol-Gel Technologies Ltd. has a one year low of $7.62 and a one year high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings data on Thursday, May 28th. The company reported ($1.31) EPS for the quarter, topping analysts’ consensus estimates of ($2.86) by $1.55. The company had revenue of $0.11 million during the quarter, compared to the consensus estimate of $0.90 million. Sol-Gel Technologies had a negative net margin of 5.66% and a negative return on equity of 3.17%. Equities analysts predict that Sol-Gel Technologies Ltd. will post -9.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SLGL. Opaleye Management Inc. grew its stake in Sol-Gel Technologies by 121.5% during 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. Affinity Asset Advisors LLC purchased a new position in shares of Sol-Gel Technologies in the first quarter worth about $2,773,000. Finally, Yelin Lapidot Holdings Management Ltd. purchased a new position in shares of Sol-Gel Technologies in the fourth quarter worth about $748,000. Institutional investors and hedge funds own 26.18% of the company’s stock.

Analysts Set New Price Targets

SLGL has been the subject of a number of analyst reports. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. TD Cowen initiated coverage on Sol-Gel Technologies in a research note on Friday, May 29th. They issued a “buy” rating on the stock. Wall Street Zen downgraded shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings lowered shares of Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. Finally, Mizuho assumed coverage on shares of Sol-Gel Technologies in a report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

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.