IVERIC bio (NASDAQ:ISEE) Stock Price Down 9.8% After Insider Selling

IVERIC bio Inc (NASDAQ:ISEE)’s stock price was down 9.8% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $7.57 and last traded at $7.61, approximately 853,513 shares changed hands during mid-day trading. A decline of 7% from the average daily volume of 922,183 shares. The stock had previously closed at $8.44.

Specifically, CEO Glenn Sblendorio purchased 15,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average cost of $3.12 per share, for a total transaction of $46,800.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Keith Westby sold 4,530 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $6.60, for a total value of $29,898.00. Following the sale, the chief operating officer now owns 45,106 shares in the company, valued at $297,699.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,465 shares of company stock valued at $120,649. 4.30% of the stock is owned by corporate insiders.

Several equities analysts recently commented on the stock. ValuEngine raised shares of IVERIC bio from a “strong sell” rating to a “sell” rating in a research note on Friday, January 3rd. Wedbush assumed coverage on shares of IVERIC bio in a research note on Monday. They issued an “outperform” rating on the stock. Finally, Chardan Capital reissued a “hold” rating and issued a $1.25 price target on shares of IVERIC bio in a report on Wednesday, September 18th.

The company has a market cap of $338.06 million, a PE ratio of -4.55 and a beta of 1.97. The stock has a 50-day moving average of $5.81 and a 200-day moving average of $2.54.

IVERIC bio (NASDAQ:ISEE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.35) earnings per share (EPS) for the quarter.

Several large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new stake in shares of IVERIC bio during the 2nd quarter valued at about $29,000. A.R.T. Advisors LLC purchased a new stake in IVERIC bio in the second quarter valued at approximately $31,000. Wells Fargo & Company MN purchased a new stake in IVERIC bio in the second quarter valued at approximately $36,000. Charles Schwab Investment Management Inc. purchased a new stake in IVERIC bio in the second quarter valued at approximately $39,000. Finally, Northern Trust Corp bought a new stake in IVERIC bio during the second quarter valued at approximately $114,000. 37.17% of the stock is currently owned by hedge funds and other institutional investors.

About IVERIC bio (NASDAQ:ISEE)

IVERIC bio, Inc, a biopharmaceutical company, develops novel therapies to treat ophthalmic diseases with a focus on age-related and orphan retinal diseases. The company is developing Zimura, an inhibitor of complement factor C5, which is in Phase IIb clinical trials for the treatment of geographic atrophy (GA), a late-stage form of dry age-related macular degeneration (AMD) characterized by retinal cell death and degeneration of tissue in the central portion of the retina known as the macula; and autosomal recessive Stargardt disease (STGD1), which is an orphan inherited retinal disease (IRD).

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