Opaleye Management Inc. Acquires 5,217 Shares of Sol-Gel Technologies (NASDAQ:SLGL) Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 5,217 shares of the business’s stock in a transaction on Monday, August 31st. The shares were bought at an average cost of $68.27 per share, with a total value of $356,164.59. Following the completion of the acquisition, the insider owned 525,217 shares in the company, valued at approximately $35,856,564.59. This represents a 1.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, August 28th, Opaleye Management Inc. acquired 35,113 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $69.32 per share, for a total transaction of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. bought 229 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $73.95 per share, for a total transaction of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. bought 312 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $71.99 per share, with a total value of $22,460.88.

Sol-Gel Technologies Stock Performance

SLGL opened at $69.52 on Wednesday. The stock has a market capitalization of $195.35 million, a price-to-earnings ratio of -12.33 and a beta of 1.12. The company has a fifty day moving average of $78.62 and a 200 day moving average of $77.13. Sol-Gel Technologies Ltd. has a fifty-two week low of $22.04 and a fifty-two week high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its quarterly earnings results on Thursday, August 20th. The company reported ($1.13) EPS for the quarter, topping the consensus estimate of ($2.36) by $1.23. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%. The business had revenue of $0.59 million for the quarter, compared to analysts’ expectations of $0.07 million. On average, equities research analysts forecast that Sol-Gel Technologies Ltd. will post -8.38 earnings per share for the current year.

Institutional Trading of Sol-Gel Technologies

Hedge funds have recently made changes to their positions in the business. Navellier & Associates Inc. bought a new position in shares of Sol-Gel Technologies in the 2nd quarter valued at about $429,000. Affinity Asset Advisors LLC purchased a new position in Sol-Gel Technologies in the first quarter worth about $2,773,000. Opaleye Management Inc. increased its stake in Sol-Gel Technologies by 121.5% during the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after acquiring an additional 248,904 shares during the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. bought a new stake in Sol-Gel Technologies during the fourth quarter worth approximately $748,000. 26.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Mizuho assumed coverage on Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 target price on the stock. Weiss Ratings downgraded Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, June 4th. Wall Street Zen downgraded Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price objective on shares of Sol-Gel Technologies in a report on Monday, July 20th. Finally, TD Cowen assumed coverage on Sol-Gel Technologies in a research report on Friday, May 29th. They set a “buy” rating for the company. 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.