Sol-Gel Technologies Ltd. (NASDAQ:SLGL) Sees Large Growth in Short Interest

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totaling 122,206 shares, an increase of 65.0% from the August 31st total of 74,053 shares. Currently, 13.0% of the company’s stock are short sold. Based on an average trading volume of 59,193 shares, the days-to-cover ratio is currently 2.1 days.

Sol-Gel Technologies Stock Down 1.7%

NASDAQ:SLGL traded down $1.28 during trading hours on Thursday, hitting $73.00. 32,735 shares of the company traded hands, compared to its average volume of 41,457. The firm’s 50-day simple moving average is $74.31 and its 200-day simple moving average is $74.54. Sol-Gel Technologies has a one year low of $27.00 and a one year high of $97.97. The company has a market cap of $205.13 million, a PE ratio of -12.94 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL) last posted its earnings results on Friday, August 21st. The company reported ($1.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.36) by $1.23. The firm had revenue of $0.59 million during the quarter, compared to analyst estimates of $0.07 million. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%. As a group, equities research analysts expect that Sol-Gel Technologies will post -4.95 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Opaleye Management Inc. purchased 1,493 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was purchased at an average cost of $65.94 per share, with a total value of $98,448.42. Following the completion of the purchase, the insider owned 540,000 shares in the company, valued at approximately $35,607,600. This trade represents a 0.28% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 53,959 shares of company stock valued at $3,723,781 in the last ninety days. Company insiders own 66.51% of the company’s stock.

Institutional Investors Weigh In On Sol-Gel Technologies

An institutional investor recently bought a new position in Sol-Gel Technologies stock. Affinity Asset Advisors LLC acquired a new stake in Sol-Gel Technologies Ltd. (NASDAQ:SLGL) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 35,000 shares of the company’s stock, valued at approximately $2,773,000. Affinity Asset Advisors LLC owned about 1.25% of Sol-Gel Technologies as of its most recent filing with the SEC. 26.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Sol-Gel Technologies in a research note on Tuesday, September 1st. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Sol-Gel Technologies in a research note on Monday, July 20th. Finally, Mizuho assumed coverage on Sol-Gel Technologies in a report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Sol-Gel Technologies has a consensus rating of “Moderate Buy” and an average price target of $197.50.

About Sol-Gel Technologies

Sol-Gel Technologies Ltd. is an Israeli specialty pharmaceutical company focused on developing topical dermatological treatments. The company uses proprietary microencapsulation technology designed to improve the delivery, stability, and tolerability of active pharmaceutical ingredients applied to the skin.

Sol-Gel’s products include TWYNEO Cream, a topical combination of tretinoin and benzoyl peroxide for acne, and EPSOLAY Cream, a microencapsulated benzoyl peroxide treatment for inflammatory lesions associated with rosacea.