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

Zacks Investment Research lowered shares of Clearside Biomedical (NASDAQ:CLSD) from a hold rating to a sell rating in a report released 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 analysts also recently weighed in on CLSD. JMP Securities reaffirmed a buy rating and issued a $11.00 target price on shares of Clearside Biomedical in a report on Tuesday, November 23rd. HC Wainwright reaffirmed a buy rating and issued a $10.00 target price on shares of Clearside Biomedical in a report on Wednesday, December 22nd. Finally, Wedbush reaffirmed an outperform rating on shares of Clearside Biomedical in a report on Wednesday, December 15th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $11.95.

Shares of Clearside Biomedical stock opened at $2.23 on Tuesday. Clearside Biomedical has a 1 year low of $2.17 and a 1 year high of $7.73. The company has a market capitalization of $133.06 million, a P/E ratio of -4.85 and a beta of 1.80. The company’s fifty day moving average is $3.36 and its two-hundred day moving average is $4.90.

Clearside Biomedical (NASDAQ:CLSD) last issued its quarterly earnings data on Wednesday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The company had revenue of $3.07 million for the quarter, compared to the consensus estimate of $3.32 million. Clearside Biomedical had a negative net margin of 652.60% and a negative return on equity of 161.73%. During the same period last year, the firm posted ($0.05) EPS. As a group, sell-side analysts anticipate that Clearside Biomedical will post -0.22 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CLSD. Advisor Group Holdings Inc. lifted its stake in shares of Clearside Biomedical by 208.3% in the second quarter. Advisor Group Holdings Inc. now owns 7,400 shares of the company’s stock valued at $36,000 after purchasing an additional 5,000 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Clearside Biomedical by 50.0% in the second quarter. JPMorgan Chase & Co. now owns 7,500 shares of the company’s stock valued at $37,000 after purchasing an additional 2,500 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of Clearside Biomedical in the third quarter valued at about $71,000. Goldman Sachs Group Inc. acquired a new position in Clearside Biomedical during the second quarter worth about $82,000. Finally, Walleye Capital LLC acquired a new position in Clearside Biomedical during the second quarter worth about $88,000. Hedge funds and other institutional investors own 33.95% of the company’s stock.

About Clearside Biomedical

Clearside Biomedical, Inc is a biopharmaceutical company, which engages in the development of drug therapies to treat blinding diseases of the eye. Its pipeline includes Suprachoroidal CLS-TA, Suprachoroidal, Suprachoroidal CLS-TA, and gene therapy. The company was founded by Samir Kumar Patel, Vladimir Zarnitsyn, Mark Prausnitz, Daniel H.

Read More: Cost Basis

Get a free copy of the Zacks research report on Clearside Biomedical (CLSD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Clearside Biomedical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clearside Biomedical and related companies with MarketBeat.com's FREE daily email newsletter.