Opaleye Management Inc. Acquires 3,097 Shares of Sol-Gel Technologies (NASDAQ:SLGL) Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. purchased 3,097 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was bought at an average cost of $68.70 per share, for a total transaction of $212,763.90. Following the acquisition, the insider directly owned 536,876 shares in the company, valued at approximately $36,883,381.20. The trade was a 0.58% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more 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 Tuesday, September 8th, Opaleye Management Inc. acquired 3,861 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $68.82 per share, with a total value of $265,714.02.
• On Friday, September 4th, Opaleye Management Inc. bought 3,018 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $69.14 per share, with a total value of $208,664.52.
• On Monday, August 31st, Opaleye Management Inc. bought 5,217 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $68.27 per share, for a total transaction of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. bought 35,113 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $69.32 per share, for a total transaction of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. purchased 229 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $73.95 per share, for a total transaction of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. purchased 300 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. acquired 1,400 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $71.97 per share, for a total transaction of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. acquired 312 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Trading Down 3.5%

Shares of NASDAQ SLGL opened at $66.79 on Friday. The stock’s 50-day moving average is $78.04 and its 200 day moving average is $76.81. The stock has a market cap of $187.68 million, a price-to-earnings ratio of -11.84 and a beta of 1.12. Sol-Gel Technologies Ltd. has a 1-year low of $23.15 and a 1-year high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last issued 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. Sol-Gel Technologies had a negative return on equity of 44.05% and a negative net margin of 910.14%.The business had revenue of $0.59 million during the quarter, compared to analyst estimates of $0.07 million. On average, analysts forecast that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Sol-Gel Technologies

A number of large investors have recently added to or reduced their stakes in SLGL. 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 during the last quarter. Affinity Asset Advisors LLC bought a new stake in shares of Sol-Gel Technologies in the first quarter worth about $2,773,000. Yelin Lapidot Holdings Management Ltd. bought a new stake in shares of Sol-Gel Technologies in the fourth quarter worth about $748,000. Finally, Navellier & Associates Inc. purchased a new position in Sol-Gel Technologies during the 2nd quarter valued at about $429,000. Institutional investors own 26.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sol-Gel Technologies in a research report on Tuesday, September 1st. Wall Street Zen cut Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a report on Friday, May 15th. HC Wainwright reissued a “buy” rating and issued a $110.00 target price 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 set an “outperform” rating and a $285.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.