KALA BIO (NASDAQ:KALA) Announces Quarterly Earnings Results

KALA BIO (NASDAQ:KALA) announced its earnings results on Wednesday. The company reported $0.86 earnings per share for the quarter, Zacks reports.

KALA BIO Stock Down 12.0%

Shares of NASDAQ KALA traded down $0.03 during mid-day trading on Wednesday, reaching $0.20. 3,378,825 shares of the company were exchanged, compared to its average volume of 6,523,837. KALA BIO has a 1 year low of $0.15 and a 1 year high of $20.60. The firm has a 50-day moving average of $0.30 and a 200 day moving average of $0.65. The stock has a market cap of $181.17 million, a price-to-earnings ratio of -0.03 and a beta of -1.98.

Hedge Funds Weigh In On KALA BIO

A number of large investors have recently added to or reduced their stakes in KALA. XTX Topco Ltd bought a new stake in shares of KALA BIO in the 2nd quarter valued at about $62,000. Geode Capital Management LLC raised its stake in shares of KALA BIO by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 56,367 shares of the company’s stock worth $268,000 after acquiring an additional 1,534 shares in the last quarter. Virtu Financial LLC purchased a new stake in KALA BIO during the fourth quarter valued at approximately $48,000. Jane Street Group LLC acquired a new stake in KALA BIO in the fourth quarter valued at approximately $80,000. Finally, Woodline Partners LP purchased a new position in KALA BIO in the first quarter worth $1,483,000. 24.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of KALA BIO in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.38.

About KALA BIO

KALA Bio (NASDAQ: KALA) is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for ocular diseases. The company’s proprietary surface charge–based nanoparticle delivery platform is designed to enhance penetration and retention of therapeutic agents on the ocular surface. This technology is the basis for its lead product, Eysuvis (KPI-121 1.0%), an FDA-approved topical corticosteroid for short-term relief of ocular itching associated with allergic conjunctivitis.

Beyond its approved therapy, KALA Bio is advancing a pipeline of investigational drug candidates targeting inflammatory and degenerative eye conditions.