Clearside Biomedical (NASDAQ:CLSD) Stock Price Crosses Below 50 Day Moving Average – Here’s Why

Clearside Biomedical, Inc. (NASDAQ:CLSD)’s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.05 and traded as low as $0.85. Clearside Biomedical shares last traded at $0.93, with a volume of 567,736 shares traded.

Wall Street Analyst Weigh In

CLSD has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a research report on Thursday, November 14th. Chardan Capital reiterated a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a research report on Friday, November 15th. StockNews.com upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.33.

Clearside Biomedical Stock Up 4.3 %

The company has a market capitalization of $73.55 million, a P/E ratio of -2.16 and a beta of 2.29. The company has a 50-day moving average of $1.05 and a two-hundred day moving average of $1.13.

Clearside Biomedical (NASDAQ:CLSD) last issued its quarterly 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 business had revenue of $1.04 million for the quarter, compared to analysts’ expectations of $0.25 million. During the same period last year, the business earned ($0.15) earnings per share. As a group, equities analysts expect that Clearside Biomedical, Inc. will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling at Clearside Biomedical

In other news, insider Ngai Hang Victor Chong purchased 36,500 shares of Clearside Biomedical stock in a transaction that occurred on Friday, November 1st. The stock was bought at an average price of $1.00 per share, with a total value of $36,500.00. Following the completion of the transaction, the insider now directly owns 100,000 shares of the company’s stock, valued at approximately $100,000. The trade was a 57.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd raised its stake in Clearside Biomedical by 172.2% during the 2nd 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. Renaissance Technologies LLC lifted its position in shares of Clearside Biomedical by 6.6% during the 2nd quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock valued at $757,000 after buying an additional 35,900 shares in the last quarter. Johnson & Johnson purchased a new stake in Clearside Biomedical in the 3rd quarter worth approximately $105,000. Finally, Geode Capital Management LLC raised its stake in Clearside Biomedical by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock worth $929,000 after acquiring an additional 59,089 shares during the period. 18.75% of the stock is owned by hedge funds and other institutional investors.

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.