Zacks Investment Research Downgrades Clearside Biomedical, Inc. (CLSD) to Hold

Clearside Biomedical, Inc. (NASDAQ:CLSD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

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. “

CLSD has been the subject of a number of other research reports. Cowen and Company restated a “buy” rating on shares of Clearside Biomedical in a research note on Thursday, June 8th. ValuEngine upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Wedbush restated an “outperform” rating and issued a $27.00 price target on shares of Clearside Biomedical in a research note on Thursday, April 20th. Finally, JMP Securities assumed coverage on shares of Clearside Biomedical in a research note on Thursday, May 25th. They issued an “outperform” rating and a $21.00 price target for the company. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $19.00.

Shares of Clearside Biomedical (CLSD) traded up 1.05% on Monday, hitting $9.62. 132,735 shares of the stock traded hands. Clearside Biomedical has a 12-month low of $5.44 and a 12-month high of $25.08. The firm’s 50-day moving average is $8.14 and its 200 day moving average is $8.03. The firm’s market cap is $243.39 million.

Clearside Biomedical (NASDAQ:CLSD) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.03. The company had revenue of $0.01 million for the quarter. Clearside Biomedical had a negative net margin of 154,030.02% and a negative return on equity of 53.20%. Equities research analysts forecast that Clearside Biomedical will post ($1.72) EPS for the current fiscal year.

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In other Clearside Biomedical news, Director Clay Thorp sold 44,455 shares of the business’s stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $7.48, for a total transaction of $332,523.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel H. White sold 8,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $7.89, for a total transaction of $63,120.00. Following the sale, the insider now owns 504,067 shares of the company’s stock, valued at approximately $3,977,088.63. The disclosure for this sale can be found here. In the last 90 days, insiders sold 226,510 shares of company stock valued at $1,811,061. Insiders own 20.90% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Granite Investment Partners LLC acquired a new stake in Clearside Biomedical during the first quarter valued at $423,000. Norges Bank acquired a new stake in Clearside Biomedical during the fourth quarter valued at $417,000. Marshall Wace North America L.P. acquired a new stake in Clearside Biomedical during the first quarter valued at $1,720,000. FMR LLC increased its stake in Clearside Biomedical by 377.3% in the fourth quarter. FMR LLC now owns 1,029,600 shares of the company’s stock valued at $9,205,000 after buying an additional 813,889 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in Clearside Biomedical during the first quarter valued at about $217,000. Hedge funds and other institutional investors own 49.69% of the company’s stock.

About Clearside Biomedical

Clearside Biomedical, Inc is a clinical biopharmaceutical company developing first-in-class drug therapies to treat blinding diseases of the eye. The Company’s product candidates focus on diseases affecting the retina, which is the tissue that lines the inside of the eye and is primarily responsible for vision, and the choroid, which is the layer adjacent to the retina that supplies the retina with blood, oxygen and nourishment.

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