Insider Buying: Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires $22,107.00 in Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 300 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were bought at an average price of $73.69 per share, for a total transaction of $22,107.00. Following the completion of the transaction, the insider owned 492,012 shares of the company’s stock, valued at approximately $36,256,364.28. This trade represents a 0.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, July 10th, Opaleye Management Inc. bought 229 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $73.95 per share, with a total value of $16,934.55.
• On Thursday, July 2nd, Opaleye Management Inc. bought 1,400 shares of Sol-Gel Technologies stock. The shares were 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. purchased 312 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $71.99 per share, for a total transaction of $22,460.88.
• On Wednesday, May 13th, Opaleye Management Inc. purchased 1,937 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $66.87 per share, for a total transaction of $129,527.19.
• On Tuesday, May 12th, Opaleye Management Inc. purchased 1,500 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $67.98 per share, with a total value of $101,970.00.

Sol-Gel Technologies Price Performance

NASDAQ SLGL opened at $73.95 on Monday. The company has a fifty day moving average of $73.01 and a two-hundred day moving average of $71.17. The firm has a market capitalization of $207.80 million, a price-to-earnings ratio of -217.49 and a beta of 1.12. Sol-Gel Technologies Ltd. has a 52 week low of $7.62 and a 52 week high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its earnings results on Thursday, May 28th. The company reported ($1.31) earnings per share for the quarter, beating the consensus estimate of ($2.86) by $1.55. The business had revenue of $0.11 million for the quarter, compared to the consensus estimate of $0.90 million. Sol-Gel Technologies had a negative net margin of 5.66% and a negative return on equity of 3.17%. Equities research analysts anticipate that Sol-Gel Technologies Ltd. will post -9.1 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings lowered shares of Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. TD Cowen started coverage on Sol-Gel Technologies in a research report on Friday, May 29th. They set a “buy” rating for the company. Lifesci Capital raised Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen downgraded Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Mizuho started 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 research 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’s stock. According to MarketBeat, Sol-Gel Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $197.50.

Hedge Funds Weigh In On Sol-Gel Technologies

Institutional investors have recently modified their holdings of the stock. Opaleye Management Inc. raised its stake in shares of Sol-Gel Technologies by 121.5% during the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock valued at $19,121,000 after acquiring an additional 248,904 shares in the last quarter. Affinity Asset Advisors LLC bought a new position in Sol-Gel Technologies in the first quarter worth approximately $2,773,000. Finally, Yelin Lapidot Holdings Management Ltd. bought a new position in Sol-Gel Technologies in the fourth quarter worth approximately $748,000. 26.18% of the stock is owned by hedge funds and other institutional investors.

Sol-Gel Technologies Company Profile

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.