Sol-Gel Technologies (NASDAQ:SLGL) Issues Earnings Results, Beats Expectations By $1.23 EPS

Sol-Gel Technologies (NASDAQ:SLGL) released its quarterly earnings data on Thursday. The company reported ($1.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.36) by $1.23, FiscalAI reports. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 48.89%. The company had revenue of $0.59 million during the quarter, compared to analyst estimates of $0.07 million.

Sol-Gel Technologies Stock Down 1.0%

NASDAQ:SLGL opened at $77.73 on Friday. The stock has a market capitalization of $218.42 million, a price-to-earnings ratio of -13.78 and a beta of 1.12. Sol-Gel Technologies has a 52 week low of $20.06 and a 52 week high of $97.97. The firm has a 50 day moving average of $78.47 and a 200 day moving average of $76.62.

Insider Activity

In other Sol-Gel Technologies news, major shareholder Opaleye Management Inc. purchased 1,400 shares of Sol-Gel Technologies stock in a transaction dated Thursday, July 2nd. The shares were acquired at an average cost of $71.97 per share, with a total value of $100,758.00. Following the completion of the transaction, the insider owned 491,712 shares in the company, valued at approximately $35,388,512.64. This trade represents a 0.29% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders acquired 2,241 shares of company stock worth $162,260 over the last 90 days. Corporate insiders own 66.51% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Sol-Gel Technologies stock. Opaleye Management Inc. raised its holdings in Sol-Gel Technologies Ltd. (NASDAQ:SLGL) by 121.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 453,739 shares of the company’s stock after buying an additional 248,904 shares during the quarter. Sol-Gel Technologies comprises 2.5% of Opaleye Management Inc.’s holdings, making the stock its 9th largest position. Opaleye Management Inc. owned 16.29% of Sol-Gel Technologies worth $19,121,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 26.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SLGL shares. Lifesci Capital raised shares of Sol-Gel Technologies to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen downgraded shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. TD Cowen started coverage on Sol-Gel Technologies in a report on Friday, May 29th. They set a “buy” rating for the company. Weiss Ratings cut Sol-Gel Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. 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 analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $197.50.

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.