Short Interest in Sol-Gel Technologies Ltd. (NASDAQ:SLGL) Grows By 112.6%

Sol-Gel Technologies Ltd. (NASDAQ:SLGL – Get Free Report) saw a significant increase in short interest in April. As of April 30th, there was short interest totaling 39,739 shares, an increase of 112.6% from the April 15th total of 18,688 shares. Based on an average daily trading volume, of 31,638 shares, the short-interest ratio is currently 1.3 days. Approximately 4.2% of the company’s shares are sold short.

Analyst Ratings Changes

A number of research firms have recently commented on SLGL. HC Wainwright reiterated a “buy” rating and set a $110.00 price target (up from $50.00) on shares of Sol-Gel Technologies in a report on Tuesday, January 20th. Weiss Ratings upgraded shares of Sol-Gel Technologies from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wall Street Zen cut shares of Sol-Gel Technologies from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Lifesci Capital upgraded shares of Sol-Gel Technologies to a “strong-buy” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $110.00.

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Insider Transactions at Sol-Gel Technologies

In related news, major shareholder Opaleye Management Inc. purchased 1,937 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $66.87 per share, with a total value of $129,527.19. Following the completion of the purchase, the insider directly owned 488,437 shares in the company, valued at approximately $32,661,782.19. This represents a 0.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 66.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Yelin Lapidot Holdings Management Ltd. acquired a new stake in shares of Sol-Gel Technologies in the fourth quarter worth $748,000. Affinity Asset Advisors LLC purchased a new stake in Sol-Gel Technologies during the first quarter worth $2,773,000. Finally, Opaleye Management Inc. boosted its holdings in Sol-Gel Technologies by 121.5% during the fourth quarter. Opaleye Management Inc. now owns 453,739 shares of the company’s stock worth $19,121,000 after buying an additional 248,904 shares in the last quarter. Institutional investors and hedge funds own 26.18% of the company’s stock.

Sol-Gel Technologies Trading Up 5.9%

Shares of SLGL stock traded up $4.04 during trading hours on Friday, reaching $72.72. 16,217 shares of the stock were exchanged, compared to its average volume of 23,396. Sol-Gel Technologies has a 12-month low of $6.80 and a 12-month high of $97.97. The company’s 50-day moving average price is $75.99 and its 200-day moving average price is $61.00. The firm has a market capitalization of $204.34 million, a price-to-earnings ratio of -32.61 and a beta of 1.16.

Sol-Gel Technologies (NASDAQ:SLGL – Get Free Report) last released its quarterly earnings data on Thursday, March 19th. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($1.46). The company had revenue of $0.70 million during the quarter, compared to analysts’ expectations of $6.50 million. Sol-Gel Technologies had a negative net margin of 31.60% and a negative return on equity of 24.29%.

About Sol-Gel Technologies

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Sol-Gel Technologies, Inc (NASDAQ: SLGL) is a U.S.-based advanced materials company specializing in the development and commercialization of nanostructured materials using proprietary sol-gel processes. Leveraging expertise in materials chemistry and thin-film deposition, the company focuses on the production of metal oxide powders, sols, coatings and functional inks designed to enhance performance in a variety of industrial and commercial applications.

The company’s product portfolio includes corrosion- and abrasion-resistant coatings, dielectric and conductive films, catalyst supports and specialty fillers.

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