Clearside Biomedical, Inc. (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
According to Zacks, “Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. “
A number of other research firms also recently issued reports on CLSD. Cowen and Company restated a “buy” rating on shares of Clearside Biomedical in a research note on Monday, August 7th. ValuEngine downgraded Clearside Biomedical from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Finally, TheStreet downgraded Clearside Biomedical from a “c-” rating to a “d” rating in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $18.33.
Clearside Biomedical (CLSD) opened at $7.05 on Monday. Clearside Biomedical has a 1-year low of $5.44 and a 1-year high of $24.73. The company has a current ratio of 4.57, a quick ratio of 4.57 and a debt-to-equity ratio of 0.15.
Clearside Biomedical (NASDAQ:CLSD) last released its quarterly earnings data on Wednesday, November 8th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.17). Clearside Biomedical had a negative net margin of 17,684.07% and a negative return on equity of 90.72%. The business had revenue of $0.16 million during the quarter, compared to analysts’ expectations of $0.01 million. equities analysts anticipate that Clearside Biomedical will post -2.25 EPS for the current year.
In related news, insider Daniel H. White sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $7.82, for a total transaction of $62,560.00. Following the transaction, the insider now owns 477,935 shares in the company, valued at approximately $3,737,451.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Clay Thorp sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $8.57, for a total value of $299,950.00. The disclosure for this sale can be found here. Insiders have sold a total of 98,000 shares of company stock worth $776,655 in the last 90 days. 20.90% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of CLSD. State Street Corp lifted its position in Clearside Biomedical by 99.7% during the 2nd quarter. State Street Corp now owns 259,599 shares of the company’s stock worth $2,367,000 after acquiring an additional 129,621 shares during the period. Northern Trust Corp lifted its position in Clearside Biomedical by 94.8% during the 2nd quarter. Northern Trust Corp now owns 221,468 shares of the company’s stock worth $2,018,000 after acquiring an additional 107,754 shares during the period. FMR LLC lifted its position in Clearside Biomedical by 10.4% during the 2nd quarter. FMR LLC now owns 981,292 shares of the company’s stock worth $8,940,000 after acquiring an additional 92,192 shares during the period. Renaissance Technologies LLC acquired a new stake in Clearside Biomedical during the 1st quarter worth approximately $604,000. Finally, Vanguard Group Inc. lifted its position in Clearside Biomedical by 11.2% during the 2nd quarter. Vanguard Group Inc. now owns 701,550 shares of the company’s stock worth $6,391,000 after acquiring an additional 70,488 shares during the period. 52.55% of the stock is owned by institutional investors.
About Clearside Biomedical
Clearside Biomedical, Inc is a clinical biopharmaceutical company developing first-in-class drug therapies to treat blinding diseases of the eye. The Company’s product candidates focus on diseases affecting the retina, which is the tissue that lines the inside of the eye and is primarily responsible for vision, and the choroid, which is the layer adjacent to the retina that supplies the retina with blood, oxygen and nourishment.
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