Sol-Gel Technologies (NASDAQ:SLGL) Posts Quarterly Earnings Results, Beats Expectations By $0.35 EPS

Sol-Gel Technologies (NASDAQ:SLGL) posted its earnings results on Thursday. The company reported ($1.72) earnings per share for the quarter, topping the consensus estimate of ($2.07) by $0.35, FiscalAI reports. The business had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.15 million. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%.

Sol-Gel Technologies Stock Performance

NASDAQ:SLGL traded down $7.58 during mid-day trading on Thursday, hitting $55.82. The company had a trading volume of 15,358 shares, compared to its average volume of 40,606. The business’s fifty day moving average is $67.23 and its two-hundred day moving average is $73.85. Sol-Gel Technologies has a fifty-two week low of $28.81 and a fifty-two week high of $97.97. The firm has a market cap of $182.52 million, a P/E ratio of -9.90 and a beta of 1.25.

Insider Activity

In other news, major shareholder Opaleye Management Inc. purchased 35,113 shares of the company’s stock in a transaction on Friday, August 28th. The shares were purchased at an average price of $69.32 per share, with a total value of $2,434,033.16. Following the purchase, the insider directly owned 520,000 shares of the company’s stock, valued at $36,046,400. This trade represents a 7.24% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders purchased 53,430 shares of company stock valued at $3,684,739. 66.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on SLGL shares. Weiss Ratings restated a “sell (d-)” rating on shares of Sol-Gel Technologies in a research report on Tuesday, September 1st. Zacks Research upgraded Sol-Gel Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 15th. Cantor Fitzgerald started coverage on Sol-Gel Technologies in a report on Wednesday, October 14th. They issued an “overweight” rating for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Sol-Gel Technologies in a research report on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $197.50.

Sol-Gel Technologies Company Profile

Sol-Gel Technologies Ltd. is a dermatology-focused specialty pharmaceutical company based in Israel. The company develops and commercializes topical prescription medicines for common skin conditions, using proprietary delivery technologies designed to improve the stability, tolerability, and effectiveness of active pharmaceutical ingredients. Its marketed products include Epsolay, a topical benzoyl peroxide cream indicated for the treatment of inflammatory lesions associated with rosacea, and Twyneo, a fixed-dose topical combination of tretinoin and benzoyl peroxide for acne vulgaris.