Clearside Biomedical (NASDAQ:CLSD) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Clearside Biomedical (NASDAQ:CLSD) from a sell rating to a hold rating in a report issued on Thursday.

Several other brokerages have also commented on CLSD. Needham & Company LLC reissued a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a research note on Thursday, November 14th. Finally, Chardan Capital reissued a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research note on Friday, November 15th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.33.

Clearside Biomedical Stock Performance

Shares of CLSD opened at $1.00 on Thursday. The company has a 50-day simple moving average of $1.12 and a two-hundred day simple moving average of $1.15. Clearside Biomedical has a one year low of $0.92 and a one year high of $2.12.

Clearside Biomedical (NASDAQ:CLSD) last announced 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 firm had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.25 million. During the same period in the prior year, the company posted ($0.15) EPS. As a group, equities research analysts predict that Clearside Biomedical will post -0.48 EPS for the current year.

Insider Transactions at Clearside Biomedical

In other news, insider Ngai Hang Victor Chong purchased 36,500 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were purchased at an average price of $1.00 per share, for a total transaction of $36,500.00. Following the completion of the acquisition, the insider now directly owns 100,000 shares in the company, valued at $100,000. This represents a 57.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Clearside Biomedical

A number of hedge funds have recently added to or reduced their stakes in CLSD. XTX Topco Ltd raised its stake 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 worth $71,000 after purchasing an additional 34,359 shares during the last quarter. Johnson & Johnson purchased a new stake in shares of Clearside Biomedical during the third quarter valued at $105,000. Assenagon Asset Management S.A. purchased a new stake in shares of Clearside Biomedical during the second quarter valued at $368,000. Renaissance Technologies LLC raised 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 worth $757,000 after buying an additional 35,900 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Clearside Biomedical by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock valued at $929,000 after acquiring an additional 59,089 shares during the period. 18.75% of the stock is currently owned by hedge funds and other 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.