Clearside Biomedical (NASDAQ:CLSD) Rating Lowered to Sell at Zacks Investment Research


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Clearside Biomedical (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. “

Several other research analysts have also recently issued reports on the company. ValuEngine cut Clearside Biomedical from a “buy” rating to a “hold” rating in a research report on Tuesday, January 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Clearside Biomedical in a research report on Wednesday, November 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Clearside Biomedical presently has an average rating of “Buy” and an average target price of $5.75.

Shares of NASDAQ:CLSD opened at $3.95 on Tuesday. Clearside Biomedical has a 1-year low of $1.10 and a 1-year high of $4.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.95 and a quick ratio of 1.95. The business has a fifty day moving average price of $2.39 and a 200-day moving average price of $1.84. The company has a market capitalization of $191.00 million, a PE ratio of -12.34 and a beta of 1.42.

Clearside Biomedical (NASDAQ:CLSD) last issued its quarterly earnings results on Sunday, November 15th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.07. The firm had revenue of $3.43 million during the quarter, compared to the consensus estimate of $0.70 million. Clearside Biomedical had a negative return on equity of 153.41% and a negative net margin of 144.47%. On average, sell-side analysts anticipate that Clearside Biomedical will post -0.37 earnings per share for the current fiscal year.

In other news, major shareholder Bradford T. Whitmore acquired 350,750 shares of Clearside Biomedical stock in a transaction on Wednesday, January 6th. The shares were acquired at an average price of $2.85 per share, with a total value of $999,637.50. Following the purchase, the insider now directly owns 3,529,845 shares in the company, valued at approximately $10,060,058.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Bradford T. Whitmore acquired 62,000 shares of Clearside Biomedical stock in a transaction on Tuesday, November 24th. The stock was purchased at an average cost of $1.65 per share, for a total transaction of $102,300.00. Following the purchase, the insider now owns 3,074,000 shares in the company, valued at $5,072,100. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 579,845 shares of company stock worth $1,411,653. Insiders own 13.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. bought a new position in shares of Clearside Biomedical during the 2nd quarter valued at approximately $50,000. Squarepoint Ops LLC bought a new position in shares of Clearside Biomedical during the 3rd quarter valued at approximately $51,000. Principal Financial Group Inc. bought a new position in shares of Clearside Biomedical during the 2nd quarter valued at approximately $67,000. Jane Street Group LLC increased its position in shares of Clearside Biomedical by 33.8% during the 2nd quarter. Jane Street Group LLC now owns 55,348 shares of the company’s stock valued at $104,000 after purchasing an additional 13,982 shares during the last quarter. Finally, Bridgeway Capital Management Inc. increased its position in shares of Clearside Biomedical by 104.4% during the 2nd quarter. Bridgeway Capital Management Inc. now owns 184,000 shares of the company’s stock valued at $346,000 after purchasing an additional 94,000 shares during the last quarter. 24.77% of the stock is currently owned by hedge funds and other institutional investors.

About Clearside Biomedical

Clearside Biomedical, Inc, a biopharmaceutical company, develops and delivers treatment that restore and preserve vision for people with serious eye diseases. Its preclinical products include CLS-AX, an axitinib for suprachoroidal injection. It also develops XIPERE, a triamcinolone acetonide suprachoroidal injectable suspension for the treatment of macular edema associated with uveitis, diabetic macular edema, and macular edema associated with retinal vein occlusion.

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