Insider Buying: Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Purchases $356,164.59 in Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. purchased 5,217 shares of the business’s stock in a transaction on Monday, August 31st. The stock was purchased at an average price of $68.27 per share, for a total transaction of $356,164.59. Following the acquisition, the insider owned 525,217 shares of the company’s stock, valued at approximately $35,856,564.59. This represents a 1.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more 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 stock was purchased at an average cost of $69.32 per share, with a total value of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. acquired 229 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $73.95 per share, with a total value of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The shares were purchased 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 stock was 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. bought 312 shares of Sol-Gel Technologies stock. The stock was purchased at an average price of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Trading Up 1.3%

NASDAQ SLGL opened at $70.43 on Thursday. The company has a market cap of $197.91 million, a P/E ratio of -12.49 and a beta of 1.12. The company has a fifty day simple moving average of $78.56 and a 200 day simple moving average of $77.09. Sol-Gel Technologies Ltd. has a 12-month low of $22.04 and a 12-month high of $97.97.

Sol-Gel Technologies (NASDAQ:SLGL) last released its quarterly earnings data on Thursday, August 20th. The company reported ($1.13) earnings per share 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 firm had revenue of $0.59 million for the quarter, compared to the consensus estimate of $0.07 million. Sell-side analysts predict that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. Mizuho started coverage on Sol-Gel Technologies in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 price objective for the company. TD Cowen assumed coverage on Sol-Gel Technologies in a report on Friday, May 29th. They issued a “buy” rating on the stock. 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, HC Wainwright reiterated a “buy” rating and set a $110.00 price target on shares of Sol-Gel Technologies in a report on Monday, July 20th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $197.50.

Institutional Investors Weigh In On Sol-Gel Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLGL. Opaleye Management Inc. lifted its position in shares of Sol-Gel Technologies by 121.5% during the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after buying an additional 248,904 shares in the last quarter. Affinity Asset Advisors LLC bought a new position in shares of Sol-Gel Technologies in the first quarter valued at approximately $2,773,000. Yelin Lapidot Holdings Management Ltd. bought a new position in shares of Sol-Gel Technologies in the fourth quarter valued at approximately $748,000. Finally, Navellier & Associates Inc. purchased a new stake in shares of Sol-Gel Technologies during the second quarter valued at approximately $429,000. Hedge funds and other institutional investors own 26.18% of the company’s stock.

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.