Clearside Biomedical, Inc. (NASDAQ:CLSD) Sees Significant Drop in Short Interest

Clearside Biomedical, Inc. (NASDAQ:CLSD) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,760,000 shares, a decrease of 9.7% from the October 15th total of 1,950,000 shares. Based on an average trading volume of 735,800 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Ratings Changes

Several brokerages have weighed in on CLSD. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a report on Wednesday, November 13th. StockNews.com upgraded Clearside Biomedical from a “sell” rating to a “hold” rating in a research report on Saturday. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a research report on Thursday. Finally, Chardan Capital restated a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a research report on Friday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.33.

Insider Buying and Selling at Clearside Biomedical

In other Clearside Biomedical news, insider Ngai Hang Victor Chong acquired 36,500 shares of the business’s stock in a transaction on Friday, November 1st. The shares were bought at an average price of $1.00 per share, with a total value of $36,500.00. Following the transaction, the insider now directly owns 100,000 shares of the company’s stock, valued at $100,000. The trade was a 57.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 9.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Clearside Biomedical by 14.5% in the first quarter. Vanguard Group Inc. now owns 2,490,796 shares of the company’s stock valued at $3,811,000 after acquiring an additional 314,480 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Clearside Biomedical by 8.8% in the third quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock valued at $929,000 after acquiring an additional 59,089 shares during the last quarter. 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 acquiring an additional 35,900 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Clearside Biomedical in the second quarter valued at $368,000. Finally, Johnson & Johnson acquired a new position in Clearside Biomedical in the third quarter valued at $105,000. Institutional investors and hedge funds own 18.75% of the company’s stock.

Clearside Biomedical Price Performance

NASDAQ CLSD traded up $0.03 on Monday, hitting $1.02. 346,865 shares of the company’s stock were exchanged, compared to its average volume of 400,729. The firm has a market cap of $77.36 million, a price-to-earnings ratio of -2.22 and a beta of 2.33. The firm’s 50-day moving average price is $1.19 and its two-hundred day moving average price is $1.19. Clearside Biomedical has a fifty-two week low of $0.92 and a fifty-two week high of $2.12.

Clearside Biomedical (NASDAQ:CLSD) last announced its earnings results on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. The company had revenue of $1.04 million for the quarter, compared to analyst estimates of $0.25 million. During the same quarter last year, the company posted ($0.15) EPS. On average, research analysts predict that Clearside Biomedical will post -0.51 earnings per share for the current fiscal year.

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.