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

Clearside Biomedical (NASDAQ:CLSD) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other equities analysts have also recently weighed in on CLSD. Chardan Capital reaffirmed a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a report on Friday, November 15th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Clearside Biomedical in a research note on Thursday, November 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.33.

Clearside Biomedical Price Performance

NASDAQ:CLSD opened at $1.02 on Thursday. The company has a 50 day moving average price of $1.12 and a 200-day moving average price of $1.15. Clearside Biomedical has a 1-year low of $0.92 and a 1-year high of $2.12. The firm has a market cap of $77.36 million, a price-to-earnings ratio of -2.27 and a beta of 2.29.

Clearside Biomedical (NASDAQ:CLSD) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.04. The firm had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.25 million. During the same quarter in the prior year, the business posted ($0.15) EPS. On average, sell-side analysts anticipate that Clearside Biomedical will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Clearside Biomedical news, insider Ngai Hang Victor Chong bought 36,500 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were acquired at an average cost of $1.00 per share, with a total value of $36,500.00. Following the purchase, the insider now directly owns 100,000 shares of the company’s stock, valued at $100,000. This trade represents a 57.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 9.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clearside Biomedical

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in Clearside Biomedical by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock valued at $929,000 after buying an additional 59,089 shares in the last quarter. Johnson & Johnson acquired a new position in shares of Clearside Biomedical during the 3rd quarter valued at about $105,000. XTX Topco Ltd grew its holdings in shares of Clearside Biomedical by 172.2% in the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock valued at $71,000 after purchasing an additional 34,359 shares during the period. Renaissance Technologies LLC increased its position in Clearside Biomedical by 6.6% during the second quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock worth $757,000 after purchasing an additional 35,900 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Clearside Biomedical during the second quarter worth about $368,000. Institutional investors and hedge funds 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.