Clearside Biomedical (NASDAQ:CLSD) Stock Price Passes Below 50 Day Moving Average – Here’s Why

Clearside Biomedical, Inc. (NASDAQ:CLSD) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $0.99 and traded as low as $0.90. Clearside Biomedical shares last traded at $0.93, with a volume of 115,824 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CLSD. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a report on Wednesday, November 13th. Chardan Capital reissued a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a research note on Friday, November 15th. Finally, StockNews.com raised Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.33.

Clearside Biomedical Trading Down 0.3 %

The company has a fifty day moving average price of $0.99 and a 200-day moving average price of $1.09.

Clearside Biomedical (NASDAQ:CLSD) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. The business had revenue of $1.04 million for the quarter, compared to analysts’ expectations of $0.25 million. During the same period in the previous year, the company earned ($0.15) EPS. As a group, equities research analysts predict that Clearside Biomedical, Inc. will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ngai Hang Victor Chong bought 36,500 shares of the stock in a transaction dated Friday, November 1st. The stock was purchased at an average price of $1.00 per share, for a total transaction of $36,500.00. Following the acquisition, the insider now owns 100,000 shares of the company’s stock, valued at $100,000. The trade was a 57.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clearside Biomedical

Hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its stake in shares of Clearside Biomedical by 172.2% during the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock valued at $71,000 after purchasing an additional 34,359 shares during the period. Johnson & Johnson bought a new stake in Clearside Biomedical during the 3rd quarter valued at about $105,000. Renaissance Technologies LLC boosted its position in Clearside Biomedical by 6.6% in the 2nd quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock valued at $757,000 after buying an additional 35,900 shares during the period. Finally, Geode Capital Management LLC grew its stake in Clearside Biomedical by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock worth $929,000 after acquiring an additional 59,089 shares in the last quarter. 18.75% of the stock is currently owned by institutional investors.

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.