Clearside Biomedical (NASDAQ:CLSD) Share Price Crosses Below Fifty Day Moving Average – Here’s Why

Clearside Biomedical, Inc. (NASDAQ:CLSD) shares crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $0.95 and traded as low as $0.82. Clearside Biomedical shares last traded at $0.86, with a volume of 96,870 shares.

Analyst Ratings Changes

Several brokerages have recently issued reports on CLSD. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a research report on Thursday, March 6th. StockNews.com raised Clearside Biomedical from a “sell” rating to a “hold” rating in a research note on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a research report on Thursday, March 6th. Finally, Chardan Capital restated a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Clearside Biomedical has a consensus rating of “Moderate Buy” and an average price target of $5.75.

Clearside Biomedical Stock Performance

The firm has a market capitalization of $65.30 million, a P/E ratio of -1.91 and a beta of 2.10. The firm has a 50 day moving average price of $0.95 and a two-hundred day moving average price of $1.05.

Hedge Funds Weigh In On Clearside Biomedical

A number of hedge funds and other institutional investors have recently modified their holdings of CLSD. Investor s Fiduciary Advisor Network LLC acquired a new stake in Clearside Biomedical during the 4th quarter worth about $32,000. Johnson & Johnson purchased a new position in shares of Clearside Biomedical in the third quarter worth approximately $105,000. Northern Trust Corp increased its position in shares of Clearside Biomedical by 24.0% in the fourth quarter. Northern Trust Corp now owns 165,499 shares of the company’s stock worth $157,000 after acquiring an additional 32,048 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Clearside Biomedical by 8.8% during 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 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.