Kala Pharmaceuticals Inc (NASDAQ:KALA)’s share price traded up 16.7% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $5.41 and last traded at $5.11, 723,183 shares changed hands during mid-day trading. An increase of 226% from the average session volume of 221,622 shares. The stock had previously closed at $4.38.
The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.04. The business had revenue of $2.06 million for the quarter, compared to analysts’ expectations of $2.62 million.
A number of equities analysts have issued reports on the stock. Zacks Investment Research lowered shares of Kala Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. Wedbush reissued an “outperform” rating and set a $51.00 price target on shares of Kala Pharmaceuticals in a research report on Wednesday. BidaskClub lowered shares of Kala Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. HC Wainwright reissued a “buy” rating and set a $12.00 price target (down from $15.00) on shares of Kala Pharmaceuticals in a research report on Wednesday. Finally, ValuEngine raised shares of Kala Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Kala Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $18.96.
In other news, Director Howard B. Rosen bought 5,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was purchased at an average cost of $5.42 per share, with a total value of $27,100.00. Following the acquisition, the director now directly owns 8,240 shares in the company, valued at $44,660.80. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 30.77% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA grew its stake in Kala Pharmaceuticals by 877.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,410 shares of the company’s stock valued at $28,000 after acquiring an additional 3,061 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new stake in Kala Pharmaceuticals in the 1st quarter valued at $46,000. Squarepoint Ops LLC grew its stake in Kala Pharmaceuticals by 12.4% in the 4th quarter. Squarepoint Ops LLC now owns 27,871 shares of the company’s stock valued at $136,000 after acquiring an additional 3,071 shares during the period. Boston Partners acquired a new stake in Kala Pharmaceuticals in the 1st quarter valued at $152,000. Finally, Rhumbline Advisers grew its stake in Kala Pharmaceuticals by 27.4% in the 1st quarter. Rhumbline Advisers now owns 19,430 shares of the company’s stock valued at $161,000 after acquiring an additional 4,174 shares during the period. 69.92% of the stock is owned by hedge funds and other institutional investors.
The business’s 50 day simple moving average is $5.89. The company has a market capitalization of $196.52 million, a PE ratio of -2.06 and a beta of 2.02. The company has a current ratio of 10.30, a quick ratio of 9.93 and a debt-to-equity ratio of 0.86.
Kala Pharmaceuticals Company Profile (NASDAQ:KALA)
Kala Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapies using its proprietary nanoparticle-based Mucus Penetrating Particles (MPP) technology for the treatment of eye diseases. The company's lead product candidate is KPI-121 0.25% which has completed two Phase III clinical trials for the treatment of temporary relief of the signs and symptoms of dry eye disease; INVELTYS which has completed two Phase III clinical trials for the treatment of inflammation and pain following ocular surgery; and KPI-285, a MPP receptor tyrosine kinase inhibitor program, which is in preclinical studies for the treatment of retinal diseases.
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