Kala Pharmaceuticals’ (NASDAQ:KALA) lock-up period will end on Tuesday, January 16th. Kala Pharmaceuticals had issued 6,000,000 shares in its public offering on July 20th. The total size of the offering was $90,000,000 based on an initial share price of $15.00. After the expiration of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
KALA has been the subject of several research reports. Zacks Investment Research downgraded shares of Kala Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Wedbush reiterated an “outperform” rating and issued a $46.00 target price on shares of Kala Pharmaceuticals in a report on Thursday, October 19th. JPMorgan Chase & Co. set a $35.00 target price on shares of Kala Pharmaceuticals and gave the company a “buy” rating in a report on Sunday, November 19th. BidaskClub upgraded shares of Kala Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Friday, December 29th. Finally, Wells Fargo & Co restated a “buy” rating on shares of Kala Pharmaceuticals in a research note on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $36.80.
Shares of Kala Pharmaceuticals (NASDAQ:KALA) opened at $15.50 on Thursday. Kala Pharmaceuticals has a 1 year low of $11.81 and a 1 year high of $26.75. The company has a quick ratio of 11.00, a current ratio of 11.00 and a debt-to-equity ratio of 0.14.
In related news, major shareholder Orbimed Advisors Llc bought 170,338 shares of the stock in a transaction on Wednesday, January 10th. The shares were bought at an average cost of $12.83 per share, for a total transaction of $2,185,436.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Several hedge funds and other institutional investors have recently made changes to their positions in KALA. Orbimed Advisors LLC purchased a new stake in shares of Kala Pharmaceuticals in the third quarter valued at about $54,251,000. Caxton Corp purchased a new stake in shares of Kala Pharmaceuticals in the third quarter valued at about $12,430,000. Victory Capital Management Inc. purchased a new stake in shares of Kala Pharmaceuticals in the third quarter valued at about $12,414,000. OxFORD Asset Management LLP purchased a new stake in shares of Kala Pharmaceuticals in the third quarter valued at about $4,374,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Kala Pharmaceuticals in the third quarter valued at about $4,037,000. 62.96% of the stock is currently owned by institutional investors.
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About Kala Pharmaceuticals
Kala Pharmaceuticals, Inc is a biopharmaceutical company focused on the development and commercialization of therapeutics through its nanoparticle-based Mucus Penetrating Particles, or MPP, technology. The Company’s initial focus is on the treatment of eye diseases. The Company’s product candidate includes KPI-121 1%, KPI-121 0.25% and MPP rTKI Program.
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