On December 26, 2023, Opaleye Management Inc., a major shareholder of Sol-Gel Technologies Ltd. (NASDAQ: SLGL), acquired 1,626 shares of the company’s stock. The shares were purchased at an average price of $41.68 each, amounting to a total investment of $67,771.68. Following this acquisition, Opaleye Management now holds 377,435 shares in Sol-Gel, with a total value of approximately $15,731,490.80. This transaction represents a 0.43% increase in their ownership stake.
The details of this transaction were disclosed in a legal filing with the Securities & Exchange Commission (SEC), as required for major shareholders holding 10% or more of a company’s shares. Such disclosures ensure transparency in ownership changes, helping to maintain market integrity.
Stock Performance and Analyst Ratings
During midday trading on December 29, 2023, Sol-Gel Technologies’ stock rose by $2.69, reaching $44.54. A total of 36,276 shares were traded, exceeding the average trading volume of 21,877 shares. With a current market capitalization of $124.27 million, the company has a price-to-earnings ratio of -13.66 and a beta of 1.35. Over the past year, the stock has fluctuated significantly, with a low of $4.02 and a high of $52.26.
A recent analysis of Sol-Gel Technologies shares indicates varying perspectives from market analysts. On October 28, 2023, Zacks Research upgraded the stock to a “hold” rating. This was followed by a downgrade from Wall Street Zen on November 1, which shifted its rating from “buy” to “hold.” Weiss Ratings reaffirmed a “hold” rating on December 22, while HC Wainwright maintained a “buy” rating with a target price of $50.00. Currently, Sol-Gel Technologies holds a consensus rating of “Hold” among analysts, with a consensus target price also set at $50.00.
Company Overview and Future Outlook
Sol-Gel Technologies, based in the United States, is recognized for its innovative approach in the development and commercialization of nanostructured materials through proprietary sol-gel processes. The company specializes in producing metal oxide powders, sols, coatings, and functional inks that enhance performance across a range of industrial and commercial applications. Its product line includes coatings that are resistant to corrosion and abrasion, dielectric and conductive films, catalyst supports, and various specialty fillers.
The ongoing developments and market activities surrounding Sol-Gel Technologies reflect its strategic positioning within the advanced materials sector. As the company continues to innovate and expand its offerings, stakeholders will be keenly watching its stock performance and any further acquisitions by major investors like Opaleye Management.
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