Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Opaleye Management Inc. Buys 3,018 Shares of Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 3,018 shares of the business’s stock in a transaction on Friday, September 4th. The shares were bought at an average cost of $69.14 per share, for a total transaction of $208,664.52. Following the acquisition, the insider owned 529,918 shares of the company’s stock, valued at $36,638,530.52. This represents a 0.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 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 Wednesday, September 9th, Opaleye Management Inc. bought 3,097 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $68.70 per share, with a total value of $212,763.90.
• On Tuesday, September 8th, Opaleye Management Inc. bought 3,861 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $68.82 per share, for a total transaction of $265,714.02.
• On Monday, August 31st, Opaleye Management Inc. bought 5,217 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $68.27 per share, for a total transaction of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. purchased 35,113 shares of Sol-Gel Technologies stock. The shares were bought at an average price 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 stock was bought at an average cost of $73.95 per share, with a total value of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. purchased 300 shares of Sol-Gel Technologies stock. The stock was bought 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 stock was bought at an average price of $71.97 per share, with a total value 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 cost of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Stock Performance

SLGL opened at $69.18 on Thursday. The business’s 50-day simple moving average is $78.18 and its 200-day simple moving average is $76.93. Sol-Gel Technologies Ltd. has a one year low of $23.13 and a one year high of $97.97. The stock has a market capitalization of $194.40 million, a P/E ratio of -12.27 and a beta of 1.12.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its earnings results on Friday, August 21st. The company reported ($1.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.36) by $1.23. The firm had revenue of $0.59 million during the quarter, compared to analysts’ expectations of $0.07 million. Sol-Gel Technologies had a negative return on equity of 44.05% and a negative net margin of 910.14%. On average, equities research 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 hedge funds have recently added to or reduced their stakes in the company. Opaleye Management Inc. lifted its holdings in shares of Sol-Gel Technologies by 121.5% in the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock valued at $19,121,000 after buying an additional 248,904 shares during the period. Affinity Asset Advisors LLC purchased a new position in Sol-Gel Technologies in the first quarter worth $2,773,000. Yelin Lapidot Holdings Management Ltd. purchased a new position in Sol-Gel Technologies in the fourth quarter worth $748,000. Finally, Navellier & Associates Inc. acquired a new stake in Sol-Gel Technologies in the second quarter valued at $429,000. Institutional investors and hedge funds own 26.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $110.00 target price on shares of Sol-Gel Technologies in a research report on Monday, July 20th. Mizuho began coverage on shares of Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sol-Gel Technologies in a research note on Tuesday, September 1st. TD Cowen initiated coverage on shares of Sol-Gel Technologies in a research report on Friday, May 29th. They set a “buy” rating on the stock. Finally, Lifesci Capital raised Sol-Gel Technologies to a “strong-buy” rating in a report on Friday, May 15th. One 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 company. According to MarketBeat.com, the company presently 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.