Clearside Biomedical’s (CLSD) Buy Rating Reiterated at Needham & Company LLC

Clearside Biomedical (NASDAQ:CLSD)‘s stock had its “buy” rating reissued by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $6.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 471.43% from the company’s previous close.

Several other equities analysts have also commented on CLSD. HC Wainwright reissued a “buy” rating and issued a $5.00 target price on shares of Clearside Biomedical in a report on Tuesday, August 27th. Chardan Capital reissued a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a research note on Monday, October 14th. Finally, StockNews.com cut Clearside Biomedical from a “hold” rating to a “sell” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.33.

Clearside Biomedical Price Performance

Shares of NASDAQ:CLSD opened at $1.05 on Wednesday. The business’s 50 day simple moving average is $1.19 and its 200 day simple moving average is $1.19. Clearside Biomedical has a 1 year low of $0.90 and a 1 year high of $2.12. The company has a market capitalization of $78.47 million, a P/E ratio of -2.36 and a beta of 2.33.

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, topping the consensus estimate of ($0.14) by $0.04. The company had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.25 million. During the same period last year, the company posted ($0.15) earnings per share. On average, sell-side analysts anticipate that Clearside Biomedical will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Ngai Hang Victor Chong acquired 36,500 shares of Clearside Biomedical stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average price of $1.00 per share, for a total transaction of $36,500.00. Following 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Clearside Biomedical

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Clearside Biomedical by 14.5% during the first quarter. Vanguard Group Inc. now owns 2,490,796 shares of the company’s stock worth $3,811,000 after purchasing an additional 314,480 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Clearside Biomedical during the 2nd quarter worth approximately $368,000. Johnson & Johnson bought a new stake in Clearside Biomedical during the 3rd quarter worth approximately $105,000. 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. Finally, XTX Topco Ltd raised its stake in shares of Clearside Biomedical by 172.2% during the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock valued at $71,000 after acquiring an additional 34,359 shares during the last quarter. 18.75% of the stock is currently owned by 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.