StockNews.com Upgrades Clearside Biomedical (NASDAQ:CLSD) to “Hold”

Clearside Biomedical (NASDAQ:CLSD) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently commented on CLSD. Chardan Capital reissued a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a research report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a report on Thursday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Clearside Biomedical has an average rating of “Moderate Buy” and a consensus target price of $5.33.

Clearside Biomedical Stock Down 5.7 %

Shares of CLSD stock opened at $0.99 on Friday. The firm has a 50 day moving average of $1.19 and a two-hundred day moving average of $1.19. The stock has a market capitalization of $75.08 million, a PE ratio of -2.20 and a beta of 2.33. Clearside Biomedical has a 52 week low of $0.90 and a 52 week high of $2.12.

Clearside Biomedical (NASDAQ:CLSD) last released its earnings results on Tuesday, November 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. The company had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.25 million. During the same quarter last year, the business posted ($0.15) earnings per share. Analysts expect that Clearside Biomedical will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ngai Hang Victor Chong acquired 36,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were bought at an average price of $1.00 per share, with a total value of $36,500.00. Following the completion of the acquisition, the insider now owns 100,000 shares in the company, valued at $100,000. This trade represents a 57.48 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clearside Biomedical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Clearside Biomedical in the 1st quarter valued at $49,000. XTX Topco Ltd raised its holdings in shares of Clearside Biomedical by 172.2% in the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock valued at $71,000 after buying an additional 34,359 shares during the last quarter. Johnson & Johnson acquired a new stake in shares of Clearside Biomedical during the third quarter worth about $105,000. Assenagon Asset Management S.A. purchased a new position in shares of Clearside Biomedical during the second quarter worth about $368,000. Finally, Renaissance Technologies LLC increased its position in Clearside Biomedical by 6.6% in the 2nd quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock valued at $757,000 after acquiring an additional 35,900 shares during the period. Hedge funds and other institutional investors own 18.75% of the company’s stock.

Clearside Biomedical Company Profile

Clearside Biomedical, Inc, a biopharmaceutical company, focuses on the revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space. It offers XIPERE, a triamcinolone acetonide suprachoroidal injectable suspension for the treatment of uveitis macular edema. It also develops CLS-AX, an axitinib injectable suspension for suprachoroidal injection, which is in Phase IIb clinical trial to treat wet AMD.