Opaleye Management Acquires 1,626 Shares of Sol-Gel Technologies
On December 26, 2023, Opaleye Management Inc., a significant shareholder of Sol-Gel Technologies Ltd. (NASDAQ: SLGL), purchased 1,626 shares of the company’s stock. The acquisition took place at an average price of $41.68 per share, amounting to a total investment of $67,771.68. Following this transaction, Opaleye Management now holds 377,435 shares in Sol-Gel Technologies, valued at approximately $15,731,490.80. This increase represents a 0.43% rise in their ownership stake. The details of the transaction were reported in a legal filing with the Securities and Exchange Commission (SEC), as required for major shareholders owning more than 10% of a company’s shares.
Stock performance for Sol-Gel Technologies has seen notable fluctuations. During midday trading on Monday, shares increased by $2.69, reaching $44.54. A total of 36,276 shares were exchanged, significantly higher than the average trading volume of 21,877 shares. The company currently holds a market capitalization of $124.27 million, with a price-to-earnings ratio of -13.66 and a beta of 1.35. Over the past year, the stock has experienced a low of $4.02 and a high of $52.26.
Analysts Adjust Ratings for Sol-Gel Technologies
Recent analyst assessments have offered mixed perspectives on Sol-Gel Technologies. On October 28, Zacks Research upgraded the company’s shares to a “hold” rating. Conversely, Wall Street Zen downgraded its rating from “buy” to “hold” on November 1. Weiss Ratings reaffirmed a “hold (c)” rating on December 22, while HC Wainwright maintained a “buy” rating, setting a price target of $50.00 for the shares.
Currently, one analyst has issued a “buy” rating while two others have assigned a “hold” rating to the stock. According to data from MarketBeat.com, Sol-Gel Technologies has a consensus rating of “hold” and an average target price of $50.00.
Sol-Gel Technologies Ltd., based in the United States, specializes in the development and commercialization of advanced nanostructured materials through proprietary sol-gel processes. Their expertise spans materials chemistry and thin-film deposition, focusing on producing metal oxide powders, sols, coatings, and functional inks for various industrial and commercial applications. The company’s portfolio includes products designed to enhance durability, such as corrosion- and abrasion-resistant coatings, dielectric and conductive films, catalyst supports, and specialty fillers.
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