Needham & Company LLC Reaffirms Buy Rating for Clearside Biomedical (NASDAQ:CLSD)

Clearside Biomedical (NASDAQ:CLSD)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $6.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 471.43% from the company’s previous close.

Other research analysts have also issued research reports about the company. Chardan Capital reaffirmed a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a research report on Monday, October 14th. StockNews.com downgraded shares of Clearside Biomedical from a “hold” rating to a “sell” rating in a report on Friday, November 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $5.00 price target on shares of Clearside Biomedical in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $5.33.

Clearside Biomedical Trading Down 2.8 %

Shares of CLSD opened at $1.05 on Wednesday. The stock has a market capitalization of $78.47 million, a price-to-earnings ratio of -2.36 and a beta of 2.33. Clearside Biomedical has a 12 month low of $0.90 and a 12 month high of $2.12. The firm has a fifty day simple moving average of $1.19 and a 200 day simple moving average of $1.19.

Clearside Biomedical (NASDAQ:CLSD) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.04. The business had revenue of $1.04 million for the quarter, compared to the consensus estimate of $0.25 million. During the same period last year, the firm earned ($0.15) earnings per share. As a group, research analysts predict that Clearside Biomedical will post -0.56 earnings per share for the current fiscal year.

Insider Activity at Clearside Biomedical

In related news, insider Ngai Hang Victor Chong bought 36,500 shares of Clearside Biomedical stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average price of $1.00 per share, with a total value of $36,500.00. Following the acquisition, the insider now owns 100,000 shares of the company’s stock, valued at approximately $100,000. This represents a 57.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clearside Biomedical

Hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new position in shares of Clearside Biomedical during the second quarter worth approximately $368,000. Vanguard Group Inc. grew its holdings in Clearside Biomedical by 14.5% in the 1st quarter. Vanguard Group Inc. now owns 2,490,796 shares of the company’s stock valued at $3,811,000 after buying an additional 314,480 shares in the last quarter. SG Americas Securities LLC acquired a new position in Clearside Biomedical in the 1st quarter valued at $49,000. XTX Topco Ltd increased its position in Clearside Biomedical by 172.2% during the 2nd quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock worth $71,000 after buying an additional 34,359 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of 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 buying an additional 35,900 shares in the last quarter. 18.75% of the stock is currently owned by institutional investors and hedge funds.

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.