Zacks Investment Research downgraded shares of Clearside Biomedical (NASDAQ:CLSD) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

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. “

Several other analysts have also recently issued reports on the company. Wedbush set a $29.00 target price on Clearside Biomedical and gave the stock a buy rating in a research note on Wednesday, August 8th. BidaskClub cut Clearside Biomedical from a hold rating to a sell rating in a research note on Saturday, August 4th. Laidlaw assumed coverage on Clearside Biomedical in a research note on Monday, July 16th. They issued a buy rating and a $18.00 target price on the stock. Janney Montgomery Scott assumed coverage on Clearside Biomedical in a research note on Thursday, June 28th. They issued a buy rating on the stock. Finally, ValuEngine cut Clearside Biomedical from a buy rating to a hold rating in a research note on Friday, June 22nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. Clearside Biomedical has an average rating of Buy and a consensus target price of $22.40.

Shares of NASDAQ CLSD opened at $5.78 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 7.94 and a quick ratio of 7.94. The firm has a market capitalization of $196.95 million, a P/E ratio of -2.48 and a beta of -7.37. Clearside Biomedical has a one year low of $5.30 and a one year high of $15.33.

Clearside Biomedical (NASDAQ:CLSD) last posted its earnings results on Wednesday, August 8th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.58) by ($0.07). Equities analysts anticipate that Clearside Biomedical will post -2.53 EPS for the current year.

Institutional investors have recently bought and sold shares of the business. MetLife Investment Advisors LLC bought a new stake in Clearside Biomedical during the 1st quarter valued at approximately $117,000. Voya Investment Management LLC bought a new stake in Clearside Biomedical during the 2nd quarter valued at approximately $123,000. Highland Capital Management LLC bought a new stake in Clearside Biomedical during the 2nd quarter valued at approximately $128,000. Cubist Systematic Strategies LLC bought a new stake in Clearside Biomedical during the 1st quarter valued at approximately $132,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Clearside Biomedical during the 1st quarter valued at approximately $152,000. 62.42% of the stock is currently owned by institutional investors and hedge funds.

Clearside Biomedical Company Profile

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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