Insider Buying: Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires 2,735 Shares of Stock

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. bought 2,735 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was acquired at an average price of $40.37 per share, for a total transaction of $110,411.95. Following the completion of the acquisition, the insider directly owned 374,530 shares in the company, valued at approximately $15,119,776.10. This represents a 0.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Wednesday, December 3rd, Opaleye Management Inc. bought 2,524 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $37.81 per share, with a total value of $95,432.44.
• On Monday, December 1st, Opaleye Management Inc. purchased 4,340 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $37.37 per share, for a total transaction of $162,185.80.

Sol-Gel Technologies Price Performance

Shares of SLGL traded down $0.59 during trading hours on Friday, hitting $42.16. 6,749 shares of the company were exchanged, compared to its average volume of 21,859. The company has a market capitalization of $117.63 million, a PE ratio of -12.93 and a beta of 1.36. The firm has a fifty day simple moving average of $38.27 and a 200-day simple moving average of $24.19. Sol-Gel Technologies Ltd. has a one year low of $4.02 and a one year high of $52.26.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its earnings results on Thursday, November 20th. The company reported ($2.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.09) by ($0.04). Sol-Gel Technologies had a negative return on equity of 33.61% and a negative net margin of 47.37%.The company had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.30 million. Sell-side analysts expect that Sol-Gel Technologies Ltd. will post -0.28 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SLGL. HC Wainwright increased their target price on Sol-Gel Technologies from $6.00 to $50.00 and gave the company a “buy” rating in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Sol-Gel Technologies in a research report on Tuesday. Wall Street Zen lowered Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Zacks Research upgraded Sol-Gel Technologies to a “hold” rating in a report on Tuesday, October 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Sol-Gel Technologies presently has an average rating of “Hold” and a consensus price target of $50.00.

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.