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

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. acquired 3,018 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were bought at an average price of $69.14 per share, with a total value of $208,664.52. Following the completion of the transaction, the insider directly owned 529,918 shares in the company, valued at approximately $36,638,530.52. The trade was a 0.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more 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 shares were bought at an average price of $68.70 per share, for a total transaction of $212,763.90.
• On Tuesday, September 8th, Opaleye Management Inc. bought 3,861 shares of Sol-Gel Technologies stock. The shares were bought at an average price of $68.82 per share, for a total transaction of $265,714.02.
• On Monday, August 31st, Opaleye Management Inc. purchased 5,217 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $68.27 per share, with a total value of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. purchased 35,113 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $69.32 per share, with a total value of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. acquired 229 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $73.95 per share, for a total transaction of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. acquired 300 shares of Sol-Gel Technologies stock. The shares were bought at an average cost of $73.69 per share, for a total transaction of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. purchased 1,400 shares of Sol-Gel Technologies stock. The shares were purchased 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 Price Performance

SLGL stock traded down $0.19 during midday trading on Wednesday, hitting $69.18. The stock had a trading volume of 47,501 shares, compared to its average volume of 65,348. The firm has a market cap of $194.40 million, a PE ratio of -12.27 and a beta of 1.12. Sol-Gel Technologies Ltd. has a 12-month low of $23.13 and a 12-month high of $97.97. The company’s 50-day moving average price is $78.18 and its 200 day moving average price is $76.93.

Sol-Gel Technologies (NASDAQ:SLGL) last issued its quarterly earnings results on Friday, August 21st. The company reported ($1.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.36) by $1.23. The company had revenue of $0.59 million for the quarter, compared to analyst estimates of $0.07 million. Sol-Gel Technologies had a negative return on equity of 44.05% and a negative net margin of 910.14%. As a group, sell-side analysts anticipate that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on SLGL. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a report on Friday, May 15th. Mizuho started coverage on shares of Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Sol-Gel Technologies in a report on Tuesday, September 1st. HC Wainwright reaffirmed a “buy” rating and set a $110.00 price target on shares of Sol-Gel Technologies in a research report on Monday, July 20th. Finally, TD Cowen initiated coverage on shares of Sol-Gel Technologies in a report on Friday, May 29th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.50.

Hedge Funds Weigh In On Sol-Gel Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in SLGL. Opaleye Management Inc. boosted its position in Sol-Gel Technologies by 121.5% during the 4th quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after purchasing an additional 248,904 shares during the period. Affinity Asset Advisors LLC purchased a new position in Sol-Gel Technologies in the first quarter valued at about $2,773,000. Yelin Lapidot Holdings Management Ltd. acquired a new position in shares of Sol-Gel Technologies during the fourth quarter worth about $748,000. Finally, Navellier & Associates Inc. acquired a new position in shares of Sol-Gel Technologies during the second quarter worth about $429,000. Institutional investors and hedge funds own 26.18% of the company’s stock.

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.