Clearside Biomedical (CLSD) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Clearside Biomedical (NASDAQ:CLSD) from a sell rating to a hold rating in a research report released on Monday morning.

According to Zacks, “Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. “

A number of other equities analysts have also commented on CLSD. ValuEngine upgraded Clearside Biomedical from a sell rating to a hold rating in a research note on Wednesday, May 2nd. BidaskClub upgraded Clearside Biomedical from a hold rating to a buy rating in a research note on Wednesday, May 2nd. Wedbush restated an outperform rating and set a $29.00 price objective on shares of Clearside Biomedical in a research note on Friday, May 11th. JMP Securities set a $25.00 price objective on Clearside Biomedical and gave the stock a buy rating in a research note on Saturday, June 9th. Finally, Janney Montgomery Scott initiated coverage on Clearside Biomedical in a research note on Thursday, June 28th. They set a buy rating on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Clearside Biomedical currently has a consensus rating of Buy and an average target price of $22.40.

Clearside Biomedical stock opened at $6.79 on Monday. Clearside Biomedical has a one year low of $5.30 and a one year high of $15.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 7.94 and a current ratio of 7.94. The firm has a market cap of $243.06 million, a price-to-earnings ratio of -2.91 and a beta of -7.32.

Clearside Biomedical (NASDAQ:CLSD) last posted its quarterly earnings data on Wednesday, August 8th. The company reported ($0.65) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.58) by ($0.07). Clearside Biomedical had a negative return on equity of 136.82% and a negative net margin of 17,094.20%. equities research analysts expect that Clearside Biomedical will post -2.45 earnings per share for the current fiscal year.

In other Clearside Biomedical news, Director Clay Thorp sold 161,139 shares of the firm’s stock in a transaction on Friday, May 18th. The stock was sold at an average price of $13.08, for a total value of $2,107,698.12. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel H. White bought 11,000 shares of Clearside Biomedical stock in a transaction on Monday, June 4th. The stock was acquired at an average cost of $9.07 per share, for a total transaction of $99,770.00. Following the acquisition, the insider now owns 472,335 shares in the company, valued at approximately $4,284,078.45. The disclosure for this purchase can be found here. 15.40% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Northpointe Capital LLC acquired a new stake in shares of Clearside Biomedical in the 2nd quarter valued at $8,725,000. Millennium Management LLC acquired a new stake in shares of Clearside Biomedical in the 4th quarter valued at $178,000. Sofinnova Ventures Inc acquired a new stake in shares of Clearside Biomedical in the 1st quarter valued at $380,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Clearside Biomedical in the 1st quarter valued at $132,000. Finally, Rock Springs Capital Management LP boosted its holdings in shares of Clearside Biomedical by 4.3% during the 1st quarter. Rock Springs Capital Management LP now owns 975,000 shares of the company’s stock valued at $10,462,000 after acquiring an additional 40,000 shares in the last quarter. 62.92% of the stock is currently owned by hedge funds and other institutional investors.

About Clearside Biomedical

Clearside Biomedical, Inc, a late-stage clinical biopharmaceutical company, develops pharmacological therapies to treat blinding diseases of the eye. It is developing suprachoroidal injection of CLS-TA, a proprietary preservative-free formulation of the corticosteroid triamcinolone acetonide, which is in Phase III clinical trial for the treatment of macular edema associated with non-infectious uveitis; suprachoroidal injection of CLS-TA and a concomitant intravitreal injection of Eylea, an inhibitor of vascular endothelial growth factor that is in Phase III clinical trial to treat macular edema associated with retinal vein occlusion; and suprachoroidal injection of CLS-TA alone or together with intravitreal injection of Eylea that is in phase II clinical trial for diabetic macular edema.

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