Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 312 Shares

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. purchased 312 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was acquired at an average cost of $71.99 per share, with a total value of $22,460.88. Following the purchase, the insider owned 490,312 shares of the company’s stock, valued at approximately $35,297,560.88. This represents a 0.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, July 2nd, Opaleye Management Inc. purchased 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, May 13th, Opaleye Management Inc. acquired 1,937 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $66.87 per share, for a total transaction of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. acquired 1,500 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $67.98 per share, for a total transaction of $101,970.00.

Sol-Gel Technologies Stock Up 2.8%

SLGL stock opened at $74.01 on Friday. The company has a 50-day simple moving average of $72.78 and a 200 day simple moving average of $69.77. The company has a market capitalization of $207.97 million, a P/E ratio of -217.67 and a beta of 1.12. Sol-Gel Technologies Ltd. has a fifty-two week low of $6.96 and a fifty-two week high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last released its earnings results on Thursday, May 28th. The company reported ($1.31) EPS for the quarter, beating 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 firm had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.90 million. Equities analysts anticipate that Sol-Gel Technologies Ltd. will post -9.1 EPS for the current year.

Institutional Investors Weigh In On Sol-Gel Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Opaleye Management Inc. raised its holdings in Sol-Gel Technologies by 121.5% during the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after buying an additional 248,904 shares during the period. Affinity Asset Advisors LLC purchased a new stake in Sol-Gel Technologies during the first quarter valued at about $2,773,000. Finally, Yelin Lapidot Holdings Management Ltd. purchased a new stake in Sol-Gel Technologies during the fourth quarter valued at about $748,000. 26.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on SLGL shares. Weiss Ratings lowered shares of Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, June 4th. Mizuho started coverage on Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 target price for the company. Lifesci Capital raised 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 report on Friday, May 29th. They set a “buy” rating on the stock. Finally, Wall Street Zen downgraded Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Sol-Gel Technologies presently has an average 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.