Clearside Biomedical (NASDAQ:CLSD) Downgraded by Zacks Investment Research to Sell

Clearside Biomedical (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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 research firms have also recently commented on CLSD. Needham & Company LLC reaffirmed a “hold” rating on shares of Clearside Biomedical in a report on Wednesday, November 11th. ValuEngine cut Clearside Biomedical from a “buy” rating to a “hold” rating in a research note on Tuesday, January 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $5.75.

NASDAQ CLSD opened at $3.95 on Tuesday. Clearside Biomedical has a 1-year low of $1.10 and a 1-year high of $4.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.95 and a quick ratio of 1.95. The company has a market cap of $191.00 million, a PE ratio of -12.34 and a beta of 1.42. The stock’s 50 day simple moving average is $2.39 and its 200-day simple moving average is $1.84.

Clearside Biomedical (NASDAQ:CLSD) last posted its quarterly earnings results on Sunday, November 15th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.07. Clearside Biomedical had a negative return on equity of 153.41% and a negative net margin of 144.47%. The firm had revenue of $3.43 million during the quarter, compared to analysts’ expectations of $0.70 million. On average, equities research analysts anticipate that Clearside Biomedical will post -0.37 EPS for the current fiscal year.

In related news, major shareholder Bradford T. Whitmore bought 350,750 shares of the firm’s stock in a transaction that occurred on Wednesday, January 6th. The stock was purchased at an average cost of $2.85 per share, for a total transaction of $999,637.50. Following the completion of the acquisition, the insider now owns 3,529,845 shares in the company, valued at approximately $10,060,058.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bradford T. Whitmore bought 51,195 shares of the firm’s stock in a transaction that occurred on Thursday, December 24th. The stock was bought at an average price of $1.95 per share, with a total value of $99,830.25. Following the completion of the acquisition, the insider now owns 3,179,095 shares of the company’s stock, valued at approximately $6,199,235.25. The disclosure for this purchase can be found here. Insiders bought 579,845 shares of company stock valued at $1,411,653 over the last ninety days. Insiders own 13.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Bridgeway Capital Management Inc. boosted its holdings in Clearside Biomedical by 104.4% in the second quarter. Bridgeway Capital Management Inc. now owns 184,000 shares of the company’s stock valued at $346,000 after purchasing an additional 94,000 shares during the period. Jane Street Group LLC boosted its holdings in Clearside Biomedical by 33.8% in the second quarter. Jane Street Group LLC now owns 55,348 shares of the company’s stock valued at $104,000 after purchasing an additional 13,982 shares during the period. Principal Financial Group Inc. purchased a new position in Clearside Biomedical in the second quarter valued at $67,000. Squarepoint Ops LLC purchased a new position in Clearside Biomedical in the third quarter valued at $51,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Clearside Biomedical in the second quarter valued at $50,000. Hedge funds and other institutional investors own 24.77% of the company’s stock.

About Clearside Biomedical

Clearside Biomedical, Inc, a biopharmaceutical company, develops and delivers treatment that restore and preserve vision for people with serious eye diseases. Its preclinical products include CLS-AX, an axitinib for suprachoroidal injection. It also develops XIPERE, a triamcinolone acetonide suprachoroidal injectable suspension for the treatment of macular edema associated with uveitis, diabetic macular edema, and macular edema associated with retinal vein occlusion.

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