KALA BIO (NASDAQ:KALA) Trading Down 8.5% – Here’s Why

KALA BIO, Inc. (NASDAQ:KALA) shares dropped 8.5% during trading on Tuesday . The stock traded as low as $3.5916 and last traded at $3.5760. Approximately 11,609 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 120,643 shares. The stock had previously closed at $3.91.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of KALA BIO in a report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, KALA BIO currently has an average rating of “Hold” and a consensus price target of $1,018.75.

KALA BIO Stock Down 23.9%

The stock’s fifty day simple moving average is $10.27 and its 200-day simple moving average is $24.39. The company has a market capitalization of $2.77 billion, a PE ratio of -0.89 and a beta of -2.23.

KALA BIO (NASDAQ:KALA) last released its quarterly earnings results on Wednesday, April 15th. The company reported $43.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($8.50) by $51.50.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of KALA BIO in the 4th quarter worth about $48,000. XTX Topco Ltd purchased a new stake in shares of KALA BIO in the second quarter valued at about $62,000. Jane Street Group LLC purchased a new stake in shares of KALA BIO in the fourth quarter valued at about $80,000. Geode Capital Management LLC increased its stake in shares of KALA BIO by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 56,367 shares of the company’s stock worth $268,000 after purchasing an additional 1,534 shares in the last quarter. Finally, Baker BROS. Advisors LP raised its position in shares of KALA BIO by 83.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,804,055 shares of the company’s stock worth $1,003,000 after purchasing an additional 818,962 shares during the last quarter. Hedge funds and other institutional investors own 24.61% of the company’s stock.

About KALA BIO

KALA Bio (NASDAQ: KALA) is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for ocular diseases. The company’s proprietary surface charge–based nanoparticle delivery platform is designed to enhance penetration and retention of therapeutic agents on the ocular surface. This technology is the basis for its lead product, Eysuvis (KPI-121 1.0%), an FDA-approved topical corticosteroid for short-term relief of ocular itching associated with allergic conjunctivitis.

Beyond its approved therapy, KALA Bio is advancing a pipeline of investigational drug candidates targeting inflammatory and degenerative eye conditions.