Sol-Gel Technologies (NASDAQ:SLGL) Issues Earnings Results, Beats Expectations By $1.59 EPS

Sol-Gel Technologies (NASDAQ:SLGL) released its quarterly earnings results on Thursday. The company reported ($1.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.90) by $1.59, Zacks reports. The business had revenue of $0.11 million during the quarter, compared to analyst estimates of $0.90 million. Sol-Gel Technologies had a negative net margin of 31.60% and a negative return on equity of 24.29%.

Sol-Gel Technologies Stock Performance

Shares of SLGL stock opened at $75.28 on Friday. Sol-Gel Technologies has a one year low of $6.80 and a one year high of $97.97. The company’s 50-day simple moving average is $73.77 and its 200-day simple moving average is $63.49. The stock has a market capitalization of $211.54 million, a price-to-earnings ratio of -33.76 and a beta of 1.16.

Insider Activity at Sol-Gel Technologies

In related news, major shareholder Opaleye Management Inc. purchased 1,937 shares of Sol-Gel Technologies stock in a transaction dated Wednesday, May 13th. The shares were acquired at an average price of $66.87 per share, with a total value of $129,527.19. Following the completion of the transaction, the insider owned 488,437 shares of the company’s stock, valued at approximately $32,661,782.19. This trade represents a 0.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 66.51% of the company’s stock.

Institutional Trading of Sol-Gel Technologies

An institutional investor recently raised its position in Sol-Gel Technologies stock. Opaleye Management Inc. boosted its holdings in Sol-Gel Technologies Ltd. (NASDAQ:SLGL) by 121.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 453,739 shares of the company’s stock after buying an additional 248,904 shares during the quarter. Sol-Gel Technologies accounts for about 2.5% of Opaleye Management Inc.’s investment portfolio, making the stock its 9th largest position. Opaleye Management Inc. owned approximately 16.29% of Sol-Gel Technologies worth $19,121,000 as of its most recent filing with the SEC. 26.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLGL has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Sol-Gel Technologies from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. TD Cowen initiated coverage on shares of Sol-Gel Technologies in a report on Friday. They set a “buy” rating for the company. Lifesci Capital raised shares of Sol-Gel Technologies to a “strong-buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen lowered shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sol-Gel Technologies presently has an average rating of “Moderate Buy” and an average target price of $110.00.

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.