Clearside Biomedical (NASDAQ:CLSD) Stock Passes Below Fifty Day Moving Average – Here’s Why

Clearside Biomedical, Inc. (NASDAQ:CLSD)’s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $0.98 and traded as low as $0.91. Clearside Biomedical shares last traded at $0.94, with a volume of 187,724 shares traded.

Wall Street Analysts Forecast Growth

CLSD has been the subject of several analyst reports. Chardan Capital restated a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a report on Friday, November 15th. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Clearside Biomedical in a report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $6.00 target price on shares of Clearside Biomedical in a research note on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Clearside Biomedical currently has a consensus rating of “Moderate Buy” and an average target price of $5.33.

Clearside Biomedical Stock Up 1.1 %

The business’s 50-day simple moving average is $0.98 and its two-hundred day simple moving average is $1.08. The firm has a market capitalization of $71.29 million, a price-to-earnings ratio of -2.09 and a beta of 2.22.

Clearside Biomedical (NASDAQ:CLSD) last posted its earnings results on Tuesday, November 12th. The company reported ($0.10) earnings per share 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 analyst estimates of $0.25 million. During the same quarter last year, the business posted ($0.15) EPS. Sell-side analysts anticipate that Clearside Biomedical, Inc. will post -0.48 earnings per share for the current year.

Hedge Funds Weigh In On Clearside Biomedical

Hedge funds have recently bought and sold shares of the company. Johnson & Johnson purchased a new stake in Clearside Biomedical during the third quarter worth about $105,000. Renaissance Technologies LLC grew its holdings in shares of 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 purchasing an additional 35,900 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in 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 buying an additional 59,089 shares during the period. Institutional investors and hedge funds own 18.75% of the company’s stock.

Clearside Biomedical Company Profile

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.