Opaleye Management Inc., a major shareholder of Sol-Gel Technologies Ltd. (NASDAQ: SLGL), purchased 1,626 shares of the company in a transaction on December 26, 2023. The shares were acquired at an average price of $41.68 each, totaling $67,771.68. Following this acquisition, Opaleye now holds 377,435 shares in Sol-Gel, valued at approximately $15,731,490.80. This transaction marks a 0.43% increase in Opaleye’s ownership stake.
The details of the transaction were disclosed in a legal filing with the Securities & Exchange Commission (SEC), as required for shareholders owning 10% or more of a company’s shares. Such disclosures ensure transparency in the ownership structure of publicly traded companies.
Stock Performance and Analyst Ratings
On December 29, 2023, Sol-Gel Technologies saw its stock price increase by $2.69, reaching $44.54 during midday trading. A total of 36,276 shares changed hands, significantly surpassing the average trading volume of 21,877 shares. The company’s market capitalization now stands at $124.27 million, with a price-to-earnings (PE) ratio of -13.66 and a beta of 1.35. Over the past year, the stock has fluctuated, with a low of $4.02 and a high of $52.26.
Recent analyst evaluations reflect a mixed outlook for Sol-Gel Technologies. According to Zacks Research, the stock was upgraded to a “hold” rating on October 28, 2023. Conversely, Wall Street Zen downgraded the stock from “buy” to “hold” on November 1, 2023. On December 22, 2023, both Weiss Ratings and HC Wainwright reiterated a “hold” rating, with HC Wainwright setting a target price of $50.00. Overall, one analyst has given the stock a “buy” rating, while two others have assigned a “hold” rating, leading to a consensus rating of “hold” with a target price of $50.00, according to data from MarketBeat.com.
Company Overview
Sol-Gel Technologies, based in the United States, specializes in developing and commercializing nanostructured materials through proprietary sol-gel processes. The company leverages its expertise in materials chemistry and thin-film deposition to produce a range of products, including metal oxide powders, sols, coatings, and functional inks. These products are designed to enhance performance across various industrial and commercial applications, including corrosion-resistant coatings and specialty fillers.
As the company continues to evolve in the advanced materials sector, investors and analysts will closely monitor its performance and market positioning in the coming months.
