Needham & Company LLC Reaffirms “Buy” Rating for Clearside Biomedical (NASDAQ:CLSD)

Clearside Biomedical (NASDAQ:CLSD)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $6.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 440.54% from the stock’s previous close.

Several other brokerages have also recently issued reports on CLSD. StockNews.com cut Clearside Biomedical from a “hold” rating to a “sell” rating in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and issued a $5.00 price objective on shares of Clearside Biomedical in a research note on Tuesday, August 27th. Finally, Chardan Capital reiterated a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Clearside Biomedical presently has a consensus rating of “Moderate Buy” and an average price target of $5.17.

Clearside Biomedical Price Performance

NASDAQ CLSD opened at $1.11 on Wednesday. The company has a market cap of $82.95 million, a P/E ratio of -2.22 and a beta of 2.33. The stock has a 50-day moving average of $1.18 and a two-hundred day moving average of $1.19. Clearside Biomedical has a 1-year low of $0.88 and a 1-year high of $2.12.

Clearside Biomedical (NASDAQ:CLSD) last released its earnings results on Monday, August 12th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.04. The firm had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.25 million. During the same period in the prior year, the firm earned ($0.15) earnings per share. On average, analysts anticipate that Clearside Biomedical will post -0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ngai Hang Victor Chong bought 36,500 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $1.00 per share, with a total value of $36,500.00. Following the completion of the acquisition, the insider now owns 100,000 shares in the company, valued at approximately $100,000. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CLSD. SG Americas Securities LLC acquired a new position in Clearside Biomedical during the first quarter worth $49,000. XTX Topco Ltd grew its holdings in Clearside Biomedical by 172.2% during the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock worth $71,000 after acquiring an additional 34,359 shares during the period. Assenagon Asset Management S.A. acquired a new position in Clearside Biomedical during the second quarter worth $368,000. Renaissance Technologies LLC grew its holdings in Clearside Biomedical by 6.6% during the second quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock worth $757,000 after acquiring an additional 35,900 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Clearside Biomedical by 14.5% during the first quarter. Vanguard Group Inc. now owns 2,490,796 shares of the company’s stock worth $3,811,000 after acquiring an additional 314,480 shares during the period. Institutional investors and hedge funds own 18.75% of the company’s stock.

Clearside Biomedical Company Profile

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.