Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Acquires 229 Shares

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. bought 229 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average cost of $73.95 per share, with a total value of $16,934.55. Following the completion of the purchase, the insider directly owned 492,241 shares in the company, valued at $36,401,221.95. This represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, July 8th, Opaleye Management Inc. purchased 300 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. purchased 1,400 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $71.97 per share, for a total transaction of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. acquired 312 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $71.99 per share, with a total value of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. acquired 1,937 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $66.87 per share, with a total value 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 cost of $67.98 per share, with a total value of $101,970.00.

Sol-Gel Technologies Price Performance

Shares of SLGL stock traded down $2.41 during trading hours on Friday, reaching $73.95. 54,150 shares of the stock were exchanged, compared to its average volume of 26,060. The business’s fifty day moving average is $73.01 and its two-hundred day moving average is $70.97. Sol-Gel Technologies Ltd. has a 12-month low of $7.62 and a 12-month high of $97.97. The firm has a market capitalization of $207.80 million, a P/E ratio of -217.49 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings results on Thursday, May 28th. The company reported ($1.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $0.90 million. As a group, equities research analysts predict that Sol-Gel Technologies Ltd. will post -9.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sol-Gel Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGL. Opaleye Management Inc. increased its stake in Sol-Gel Technologies by 121.5% in the fourth 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 last quarter. Affinity Asset Advisors LLC acquired a new position in shares of Sol-Gel Technologies in the 1st quarter valued at $2,773,000. Finally, Yelin Lapidot Holdings Management Ltd. acquired a new position in shares of Sol-Gel Technologies in the 4th quarter valued at $748,000. 26.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SLGL. Wall Street Zen lowered shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Lifesci Capital upgraded shares of Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. Mizuho assumed coverage on Sol-Gel Technologies in a report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 target price on the stock. TD Cowen began coverage on Sol-Gel Technologies in a research note on Friday, May 29th. They issued a “buy” rating on the stock. Finally, Weiss Ratings downgraded Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sol-Gel Technologies has a consensus rating of “Moderate Buy” and a consensus target price 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.