Clearside Biomedical (NASDAQ:CLSD) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

Shares of Clearside Biomedical, Inc. (NASDAQ:CLSD) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $1.05 and traded as low as $0.85. Clearside Biomedical shares last traded at $0.93, with a volume of 567,736 shares.

Analyst Ratings Changes

A number of research firms recently issued reports on CLSD. StockNews.com upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. 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. Needham & Company LLC restated a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.33.

Clearside Biomedical Price Performance

The firm’s 50-day moving average price is $1.05 and its 200-day moving average price is $1.13. The company has a market cap of $70.46 million, a price-to-earnings ratio of -2.06 and a beta of 2.29.

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

Insider Activity

In other news, insider Ngai Hang Victor Chong bought 36,500 shares of Clearside Biomedical stock in a transaction dated 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 completion of the transaction, the insider now owns 100,000 shares in the company, valued at approximately $100,000. This trade represents a 57.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Clearside Biomedical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its holdings in Clearside Biomedical by 6.6% in the second quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock valued at $757,000 after purchasing an additional 35,900 shares during the last quarter. XTX Topco Ltd raised its position in shares of Clearside Biomedical by 172.2% in the 2nd 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 in the last quarter. Johnson & Johnson purchased a new position in shares of Clearside Biomedical during the 3rd quarter valued at approximately $105,000. Finally, Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 59,089 shares during the last quarter. Hedge funds and other institutional investors 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.