Sol-Gel Technologies (NASDAQ:SLGL) Major Shareholder Acquires 3,097 Shares

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) major shareholder Opaleye Management Inc. bought 3,097 shares of Sol-Gel Technologies stock in a transaction dated Wednesday, September 9th. The stock was acquired at an average cost of $68.70 per share, with a total value of $212,763.90. Following the completion of the acquisition, the insider directly owned 536,876 shares of the company’s stock, valued at approximately $36,883,381.20. The trade was a 0.58% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Tuesday, September 8th, Opaleye Management Inc. acquired 3,861 shares of Sol-Gel Technologies stock. The stock was purchased at an average cost of $68.82 per share, for a total transaction of $265,714.02.
• On Friday, September 4th, Opaleye Management Inc. purchased 3,018 shares of Sol-Gel Technologies stock. The shares were purchased at an average price of $69.14 per share, for a total transaction of $208,664.52.
• On Monday, August 31st, Opaleye Management Inc. bought 5,217 shares of Sol-Gel Technologies stock. The shares were acquired at an average price of $68.27 per share, for a total transaction of $356,164.59.
• On Friday, August 28th, Opaleye Management Inc. acquired 35,113 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $69.32 per share, with a total value of $2,434,033.16.
• On Friday, July 10th, Opaleye Management Inc. purchased 229 shares of Sol-Gel Technologies stock. The stock was bought at an average price of $73.95 per share, with a total value of $16,934.55.
• On Wednesday, July 8th, Opaleye Management Inc. bought 300 shares of Sol-Gel Technologies stock. The stock was bought at an average cost of $73.69 per share, with a total value of $22,107.00.
• On Thursday, July 2nd, Opaleye Management Inc. acquired 1,400 shares of Sol-Gel Technologies stock. The shares were purchased at an average cost of $71.97 per share, with a total value of $100,758.00.
• On Wednesday, July 1st, Opaleye Management Inc. acquired 312 shares of Sol-Gel Technologies stock. The stock was acquired at an average price of $71.99 per share, for a total transaction of $22,460.88.

Sol-Gel Technologies Price Performance

SLGL traded down $0.19 during midday trading on Wednesday, reaching $69.18. 47,501 shares of the company’s stock were exchanged, compared to its average volume of 65,348. Sol-Gel Technologies Ltd. has a 1-year low of $23.13 and a 1-year high of $97.97. The stock has a market capitalization of $194.40 million, a PE ratio of -12.27 and a beta of 1.12. The business’s 50-day moving average price is $78.18 and its 200 day moving average price is $76.93.

Sol-Gel Technologies (NASDAQ:SLGL) last announced its earnings results on Friday, August 21st. The company reported ($1.13) earnings per share for the quarter, beating the consensus estimate of ($2.36) by $1.23. The firm had revenue of $0.59 million during the quarter, compared to the consensus estimate of $0.07 million. Sol-Gel Technologies had a negative net margin of 910.14% and a negative return on equity of 44.05%. As a group, analysts expect that Sol-Gel Technologies Ltd. will post -8.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on SLGL. Mizuho assumed coverage on shares of Sol-Gel Technologies in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $285.00 price target for the company. Lifesci Capital upgraded Sol-Gel Technologies to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen cut Sol-Gel Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Sol-Gel Technologies in a research report on Tuesday, September 1st. Finally, HC Wainwright reissued a “buy” rating and set a $110.00 price objective on shares of Sol-Gel Technologies in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $197.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGL. Opaleye Management Inc. grew its stake in shares of Sol-Gel Technologies by 121.5% in the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock valued at $19,121,000 after acquiring an additional 248,904 shares in the last quarter. Affinity Asset Advisors LLC acquired a new stake in Sol-Gel Technologies in the 1st quarter worth about $2,773,000. Yelin Lapidot Holdings Management Ltd. acquired a new stake in Sol-Gel Technologies in the 4th quarter worth about $748,000. Finally, Navellier & Associates Inc. bought a new stake in shares of Sol-Gel Technologies in the second quarter valued at approximately $429,000. 26.18% of the stock is owned by institutional investors and hedge funds.

Sol-Gel Technologies Company Profile

Sol-Gel Technologies, Inc (NASDAQ: SLGL) is a U.S.-based advanced materials company specializing in the development and commercialization of nanostructured materials using proprietary sol-gel processes. Leveraging expertise in materials chemistry and thin-film deposition, the company focuses on the production of metal oxide powders, sols, coatings and functional inks designed to enhance performance in a variety of industrial and commercial applications.

The company’s product portfolio includes corrosion- and abrasion-resistant coatings, dielectric and conductive films, catalyst supports and specialty fillers.