KALA BIO (NASDAQ:KALA) Share Price Crosses Below 50 Day Moving Average – Here’s What Happened

KALA BIO, Inc. (NASDAQ:KALA) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.70 and traded as low as $0.72. KALA BIO shares last traded at $0.7478, with a volume of 43,147 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on KALA shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of KALA BIO in a report on Wednesday, June 24th. Wall Street Zen upgraded KALA BIO from a “sell” rating to a “hold” rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, KALA BIO currently has an average rating of “Hold” and a consensus price target of $1,158.33.

KALA BIO Trading Up 1.5%

The firm’s fifty day moving average price is $1.70 and its 200-day moving average price is $9.24. The company has a market cap of $14.46 million, a P/E ratio of -0.01 and a beta of -2.26.

KALA BIO (NASDAQ:KALA) last released its earnings results on Friday, May 15th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($8.50) by $8.36.

Institutional Trading of KALA BIO

Hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of KALA BIO during the fourth quarter valued at approximately $48,000. XTX Topco Ltd acquired a new position in shares of KALA BIO in the second quarter valued at $62,000. Renaissance Technologies LLC lifted its position in KALA BIO by 920.7% in the first quarter. Renaissance Technologies LLC now owns 417,517 shares of the company’s stock worth $72,000 after purchasing an additional 376,612 shares during the period. Jane Street Group LLC bought a new position in KALA BIO in the fourth quarter worth $80,000. Finally, BlackRock Inc. acquired a new stake in KALA BIO during the second quarter worth $124,000. Institutional investors own 24.61% of the company’s stock.

KALA BIO Company Profile

KALA Bio (NASDAQ: KALA) is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for ocular diseases. The company’s proprietary surface charge–based nanoparticle delivery platform is designed to enhance penetration and retention of therapeutic agents on the ocular surface. This technology is the basis for its lead product, Eysuvis (KPI-121 1.0%), an FDA-approved topical corticosteroid for short-term relief of ocular itching associated with allergic conjunctivitis.

Beyond its approved therapy, KALA Bio is advancing a pipeline of investigational drug candidates targeting inflammatory and degenerative eye conditions.