Clearside Biomedical (NASDAQ:CLSD) Stock Price Passes Below 50 Day Moving Average – What’s Next?

Clearside Biomedical, Inc. (NASDAQ:CLSD) crossed 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.

Wall Street Analysts Forecast Growth

CLSD has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a research note 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. StockNews.com raised shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Clearside Biomedical in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.33.

Clearside Biomedical Stock Down 0.3 %

The stock has a market cap of $70.53 million, a P/E ratio of -2.07 and a beta of 2.20. The company’s 50 day moving average price is $0.99 and its 200-day moving average price is $1.09.

Clearside Biomedical (NASDAQ:CLSD) last announced its earnings results on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate 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 period in the previous year, the firm posted ($0.15) earnings per share. Equities research analysts anticipate that Clearside Biomedical, Inc. will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Clearside Biomedical

In other news, insider Ngai Hang Victor Chong acquired 36,500 shares of Clearside Biomedical stock in a transaction dated Friday, November 1st. The shares were bought at an average cost of $1.00 per share, with a total value of $36,500.00. Following the purchase, the insider now owns 100,000 shares in the company, valued at $100,000. This trade represents a 57.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Clearside Biomedical

Several hedge funds and other institutional investors have recently bought and sold shares of CLSD. XTX Topco Ltd grew its holdings in Clearside Biomedical by 172.2% during the 2nd 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. Johnson & Johnson bought a new stake in shares of Clearside Biomedical during the 3rd quarter valued at about $105,000. Renaissance Technologies LLC grew its stake 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 purchasing an additional 35,900 shares during the period. Finally, Geode Capital Management LLC increased 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 worth $929,000 after purchasing an additional 59,089 shares in the last quarter. Institutional investors and hedge funds own 18.75% of the company’s stock.

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.