Opaleye Management Inc. Acquires 1,400 Shares of Sol-Gel Technologies (NASDAQ:SLGL) Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 1,400 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was acquired at an average price of $71.97 per share, with a total value of $100,758.00. Following the acquisition, the insider owned 491,712 shares in the company, valued at $35,388,512.64. The trade was a 0.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, July 1st, Opaleye Management Inc. bought 312 shares of Sol-Gel Technologies stock. The shares were acquired at an average cost of $71.99 per share, for a total transaction of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. bought 1,937 shares of Sol-Gel Technologies stock. The shares were acquired at an average cost of $66.87 per share, for a total transaction of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. purchased 1,500 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $67.98 per share, with a total value of $101,970.00.

Sol-Gel Technologies Stock Performance

SLGL stock opened at $74.01 on Friday. The company has a fifty day moving average price of $72.79 and a 200-day moving average price of $69.80. 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 52-week low of $6.96 and a 52-week high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings data on Thursday, May 28th. The company reported ($1.31) earnings per share for the quarter, topping 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 company had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.90 million. As a group, sell-side analysts forecast that Sol-Gel Technologies Ltd. will post -9.1 earnings per share for the current fiscal year.

Institutional Trading of Sol-Gel Technologies

A number of institutional investors have recently bought and sold shares of the company. Yelin Lapidot Holdings Management Ltd. acquired a new stake in Sol-Gel Technologies during the 4th quarter worth about $748,000. Affinity Asset Advisors LLC acquired a new position in shares of Sol-Gel Technologies in the 1st quarter valued at about $2,773,000. Finally, Opaleye Management Inc. lifted its stake in shares of Sol-Gel Technologies by 121.5% in the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock valued at $19,121,000 after purchasing an additional 248,904 shares during the period. Institutional investors own 26.18% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on SLGL shares. TD Cowen began coverage on Sol-Gel Technologies in a research report on Friday, May 29th. They issued a “buy” rating on the stock. Mizuho initiated coverage on Sol-Gel Technologies in a research report on Wednesday, June 24th. They set an “outperform” rating and a $285.00 price objective for the company. Weiss Ratings lowered Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, June 4th. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen downgraded shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research report 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $197.50.

Sol-Gel Technologies Company Profile

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.