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

Clearside Biomedical, Inc. (NASDAQ:CLSD)’s share price 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 trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CLSD. Chardan Capital reaffirmed a “buy” rating and set a $6.00 price target on shares of Clearside Biomedical in a report on Friday, November 15th. HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Clearside Biomedical in a research report on Thursday, November 14th. StockNews.com upgraded shares of Clearside Biomedical from a “sell” rating to a “hold” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $6.00 target price on shares of Clearside Biomedical in a report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.33.

Clearside Biomedical Price Performance

The stock’s fifty day moving average is $0.99 and its two-hundred day moving average is $1.09.

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

Insider Buying and Selling at Clearside Biomedical

In other news, insider Ngai Hang Victor Chong bought 36,500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was bought at an average price of $1.00 per share, for a total transaction of $36,500.00. Following the transaction, the insider now directly owns 100,000 shares of the company’s stock, valued at $100,000. This represents a 57.48 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clearside Biomedical

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in Clearside Biomedical by 6.6% during the 2nd 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 during the period. XTX Topco Ltd grew its stake in shares of Clearside Biomedical by 172.2% in the second quarter. XTX Topco Ltd now owns 54,313 shares of the company’s stock worth $71,000 after purchasing an additional 34,359 shares during the last quarter. Johnson & Johnson purchased a new position in Clearside Biomedical during the 3rd quarter valued at about $105,000. Finally, Geode Capital Management LLC raised its position in Clearside Biomedical by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 731,386 shares of the company’s stock valued at $929,000 after purchasing an additional 59,089 shares during the last quarter. Institutional investors 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.