KALA BIO (NASDAQ:KALA) Shares Down 8.5% – Should You Sell?

KALA BIO, Inc. (NASDAQ:KALA)’s share price dropped 8.5% on Tuesday . The stock traded as low as $3.5916 and last traded at $3.5760. Approximately 11,609 shares traded hands during trading, a decline of 90% from the average daily volume of 120,643 shares. The stock had previously closed at $3.91.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of KALA BIO in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, KALA BIO has a consensus rating of “Hold” and an average target price of $1,018.75.

KALA BIO Price Performance

The firm has a market cap of $2.77 billion, a PE ratio of -0.89 and a beta of -2.23. The stock has a 50-day moving average price of $10.27 and a 200 day moving average price of $24.39.

KALA BIO (NASDAQ:KALA) last released its earnings results on Wednesday, April 15th. The company reported $43.00 earnings per share for the quarter, topping the consensus estimate of ($8.50) by $51.50.

Institutional Investors Weigh In On KALA BIO

Hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP grew its holdings in KALA BIO by 83.1% in the fourth quarter. Baker BROS. Advisors LP now owns 1,804,055 shares of the company’s stock valued at $1,003,000 after purchasing an additional 818,962 shares during the period. Woodline Partners LP purchased a new position in KALA BIO during the first quarter worth approximately $1,483,000. Jane Street Group LLC acquired a new position in shares of KALA BIO in the 4th quarter valued at $80,000. Virtu Financial LLC purchased a new stake in shares of KALA BIO during the 4th quarter valued at $48,000. Finally, Geode Capital Management LLC grew 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 valued at $268,000 after buying an additional 1,534 shares during the period. 24.61% of the stock is owned by institutional investors and hedge funds.

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.