Clearside Biomedical (NASDAQ:CLSD) Raised to Hold at StockNews.com

Clearside Biomedical (NASDAQ:CLSD) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report released on Saturday.

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

Clearside Biomedical Stock Down 5.7 %

Clearside Biomedical stock opened at $0.99 on Friday. Clearside Biomedical has a 12-month low of $0.90 and a 12-month high of $2.12. The business’s 50-day moving average price is $1.19 and its two-hundred day moving average price is $1.19. The stock has a market cap of $75.08 million, a PE ratio of -2.20 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, beating analysts’ consensus estimates of ($0.14) by $0.04. The business had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.25 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. As a group, analysts expect that Clearside Biomedical will post -0.56 earnings per share for the current year.

Insider Activity

In other news, insider Ngai Hang Victor Chong acquired 36,500 shares of the firm’s 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 acquisition, the insider now owns 100,000 shares in the company, valued at $100,000. The trade was a 57.48 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of Clearside Biomedical during the 1st quarter valued at about $49,000. XTX Topco Ltd boosted its position in shares of 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 acquiring an additional 34,359 shares during the last quarter. Renaissance Technologies LLC boosted 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 acquiring an additional 35,900 shares during the last quarter. Johnson & Johnson bought a new stake in shares of Clearside Biomedical during the 3rd quarter valued at about $105,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Clearside Biomedical during the 2nd quarter valued at about $368,000. Hedge funds and other institutional investors own 18.75% of the company’s stock.

About Clearside Biomedical

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.