KALA BIO (NASDAQ:KALA) Shares Down 5.5% – Here’s What Happened

KALA BIO, Inc. (NASDAQ:KALA)’s share price traded down 5.5% on Monday . The company traded as low as $0.5353 and last traded at $0.5407. 182,409 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 733,517 shares. The stock had previously closed at $0.5724.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wall Street Zen upgraded KALA BIO from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (e+)” rating on shares of KALA BIO in a research report on Wednesday, June 24th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $912.50.

KALA BIO Price Performance

The stock has a market capitalization of $10.46 million, a PE ratio of -0.02 and a beta of -2.28. The firm has a fifty day moving average price of $0.79 and a two-hundred day moving average price of $4.88.

KALA BIO (NASDAQ:KALA) last issued its quarterly earnings results on Wednesday, August 19th. The company reported ($21.32) EPS for the quarter, missing the consensus estimate of ($6.00) by ($15.32).

Institutional Investors Weigh In On KALA BIO

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its holdings in KALA BIO by 920.7% in the 1st quarter. Renaissance Technologies LLC now owns 417,517 shares of the company’s stock valued at $72,000 after buying an additional 376,612 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of KALA BIO in the 2nd quarter valued at approximately $124,000. Finally, Baker BROS. Advisors LP increased its holdings in shares of KALA BIO by 83.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,804,055 shares of the company’s stock worth $1,003,000 after buying an additional 818,962 shares during the last quarter. Institutional investors and hedge funds own 24.61% of the company’s stock.

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.