NexGel, Inc. (NASDAQ:NXGL) Stock Short Interest Declines 67.5%

NexGel, Inc. (NASDAQ:NXGL) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totaling 104,742 shares, a drop of 67.5% from the September 30th total of 322,449 shares. Based on an average trading volume of 404,159 shares, the days-to-cover ratio is presently 0.3 days. Currently, 26.8% of the company’s stock are short sold.

Institutional Investors Weigh In On NexGel

A hedge fund recently bought a new position in NexGel stock. Empery Asset Management LP purchased a new position in shares of NexGel, Inc. (NASDAQ:NXGL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 90,000 shares of the company’s stock, valued at approximately $3,474,000. Empery Asset Management LP owned about 0.98% of NexGel as of its most recent SEC filing. Institutional investors own 2.21% of the company’s stock.

Wall Street Analysts Forecast Growth

NXGL has been the subject of a number of research reports. Zacks Research raised shares of NexGel to a “hold” rating in a research report on Friday, October 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NexGel in a report on Friday, October 9th. Finally, Maxim Group cut NexGel from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $40.00.

NexGel Stock Performance

NASDAQ NXGL traded down $0.32 on Friday, reaching $3.56. The stock had a trading volume of 60,137 shares, compared to its average volume of 244,878. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.27 and a current ratio of 0.43. NexGel has a 12-month low of $3.00 and a 12-month high of $53.60. The business’s 50-day moving average price is $5.14 and its 200 day moving average price is $12.75. The stock has a market cap of $1.75 million, a P/E ratio of -0.25 and a beta of 0.82.

NexGel (NASDAQ:NXGL) last posted its quarterly earnings data on Friday, August 14th. The company reported ($8.00) earnings per share for the quarter, missing the consensus estimate of ($2.40) by ($5.60). NexGel had a negative net margin of 51.26% and a negative return on equity of 121.18%. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $4.32 million. As a group, equities analysts expect that NexGel will post -18.80 earnings per share for the current year.

About NexGel

NexGel, Inc (NASDAQ:NXGL) develops and manufactures high-water-content hydrogel products for medical, consumer and other specialized applications. The company uses proprietary formulations and electron-beam processing to produce flexible, skin-compatible products designed to retain moisture and provide cooling, cushioning or conductive properties.

Its product applications include wound care, burn and surgical care, pain management, medical diagnostics and personal wellness. NexGel supplies hydrogel sheets, patches and related components used in products such as wound dressings, therapeutic pads and medical electrodes.