Clearside Biomedical (CLSD) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Clearside Biomedical (NASDAQ:CLSD) from a buy rating to a hold rating in a research report sent to investors on Monday.

According to Zacks, “Clearside Biomedical, Inc. is a biopharmaceutical company is engaged in developing first-in-class drug therapies to treat blinding diseases of the eye using Clearside proprietary suprachoroidal space(TM) microinjector. Its products include CLS-1001 for the treatment of macular edema associated with non-infectious uveitis; CLS-1003 for the treatment of macular edema associated with retinal vein occlusion; and CLS-1002 program for the treatment of wet age-related macular degeneration. Clearside Biomedical, Inc. is headquartered in Alpharetta, Georgia. “

Other equities analysts have also recently issued reports about the company. Cowen cut Clearside Biomedical from an outperform rating to a market perform rating in a report on Monday, November 5th. Stifel Nicolaus reiterated a hold rating and issued a $4.00 price objective (down previously from $20.00) on shares of Clearside Biomedical in a research note on Monday, November 5th. Wedbush set a $29.00 price objective on Clearside Biomedical and gave the company a buy rating in a research note on Tuesday, October 23rd. Janney Montgomery Scott set a $4.00 price objective on Clearside Biomedical and gave the company a buy rating in a research note on Tuesday, November 6th. Finally, JPMorgan Chase & Co. cut Clearside Biomedical from an overweight rating to an underweight rating in a research note on Monday, November 5th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $11.28.



Clearside Biomedical stock traded down $0.02 during midday trading on Monday, reaching $1.18. 2,874 shares of the stock traded hands, compared to its average volume of 784,244. Clearside Biomedical has a 12-month low of $0.99 and a 12-month high of $15.33. The stock has a market capitalization of $37.79 million, a price-to-earnings ratio of -0.51 and a beta of -1.80. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.59 and a quick ratio of 4.59.

Clearside Biomedical (NASDAQ:CLSD) last announced its earnings results on Thursday, November 8th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). Equities research analysts anticipate that Clearside Biomedical will post -2.57 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Clearside Biomedical by 53.1% during the 2nd quarter. BlackRock Inc. now owns 1,859,948 shares of the company’s stock worth $19,883,000 after acquiring an additional 645,292 shares in the last quarter. Voya Investment Management LLC acquired a new stake in shares of Clearside Biomedical during the 2nd quarter worth about $123,000. Point72 Asset Management L.P. acquired a new stake in shares of Clearside Biomedical during the 2nd quarter worth about $2,138,000. Alps Advisors Inc. acquired a new stake in shares of Clearside Biomedical during the 2nd quarter worth about $496,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Clearside Biomedical during the 2nd quarter worth about $534,000. 57.94% of the stock is currently owned by institutional investors and hedge funds.

About Clearside Biomedical

Clearside Biomedical, Inc, a late-stage clinical biopharmaceutical company, develops pharmacological therapies to treat blinding diseases of the eye. It is developing suprachoroidal injection of CLS-TA, a proprietary preservative-free formulation of the corticosteroid triamcinolone acetonide, which is in Phase III clinical trial for the treatment of macular edema associated with non-infectious uveitis; suprachoroidal injection of CLS-TA and a concomitant intravitreal injection of Eylea, an inhibitor of vascular endothelial growth factor that is in Phase III clinical trial to treat macular edema associated with retinal vein occlusion; and suprachoroidal injection of CLS-TA alone or together with intravitreal injection of Eylea that is in phase II clinical trial for diabetic macular edema.

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