Clearside Biomedical (NASDAQ:CLSD) Shares Pass Below 50-Day Moving Average – Should You Sell?

Clearside Biomedical, Inc. (NASDAQ:CLSD)’s stock price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $1.05 and traded as low as $0.85. Clearside Biomedical shares last traded at $0.93, with a volume of 567,736 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CLSD shares. Chardan Capital reaffirmed 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 Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.33.

Clearside Biomedical Stock Up 4.3 %

The company’s 50 day simple moving average is $1.05 and its two-hundred day simple moving average is $1.13. The company has a market capitalization of $73.55 million, a price-to-earnings ratio of -2.16 and a beta of 2.29.

Clearside Biomedical (NASDAQ:CLSD) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.04. The company had revenue of $1.04 million during the quarter, compared to analysts’ expectations of $0.25 million. During the same period in the previous year, the business earned ($0.15) earnings per share. Analysts anticipate that Clearside Biomedical, Inc. will post -0.48 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On Clearside Biomedical

Institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd grew its holdings in Clearside Biomedical by 172.2% in the 2nd quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock valued at $71,000 after buying an additional 34,359 shares in the last quarter. Johnson & Johnson purchased a new stake in shares of Clearside Biomedical during the third quarter worth approximately $105,000. Renaissance Technologies LLC raised its stake in Clearside Biomedical by 6.6% in the second quarter. Renaissance Technologies LLC now owns 582,689 shares of the company’s stock valued at $757,000 after buying an additional 35,900 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Clearside Biomedical by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock worth $929,000 after acquiring an additional 59,089 shares in the last quarter. 18.75% of the stock is currently owned by institutional investors and hedge funds.

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.