Shares of Kala Pharmaceuticals Inc (NASDAQ:KALA) dropped 8% on Thursday . The stock traded as low as $4.01 and last traded at $4.02, approximately 581,200 shares changed hands during mid-day trading. An increase of 146% from the average daily volume of 236,124 shares. The stock had previously closed at $4.37.
KALA has been the subject of several analyst reports. ValuEngine upgraded shares of Kala Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. HC Wainwright decreased their target price on shares of Kala Pharmaceuticals from $15.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Oppenheimer set a $9.00 target price on shares of Kala Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $51.00 target price on shares of Kala Pharmaceuticals in a research note on Wednesday, August 7th. Finally, Zacks Investment Research downgraded shares of Kala Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $18.54.
The stock has a market capitalization of $136.71 million, a price-to-earnings ratio of -1.62 and a beta of 2.02. The firm’s fifty day moving average is $5.74 and its 200-day moving average is $6.75. The company has a debt-to-equity ratio of 1.16, a current ratio of 7.50 and a quick ratio of 7.04.
Kala Pharmaceuticals (NASDAQ:KALA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.04. The company had revenue of $2.06 million during the quarter, compared to analyst estimates of $2.62 million. On average, sell-side analysts expect that Kala Pharmaceuticals Inc will post -2.84 EPS for the current year.
In related news, Director Howard B. Rosen purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were purchased at an average cost of $5.42 per share, with a total value of $27,100.00. Following the completion of the acquisition, the director now directly owns 8,240 shares of the company’s stock, valued at approximately $44,660.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 30.77% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can raised its holdings in Kala Pharmaceuticals by 148.5% in the second quarter. Bank of Montreal Can now owns 4,014 shares of the company’s stock valued at $26,000 after acquiring an additional 2,399 shares in the last quarter. Greenwich Wealth Management LLC raised its holdings in Kala Pharmaceuticals by 28.7% in the second quarter. Greenwich Wealth Management LLC now owns 13,000 shares of the company’s stock valued at $83,000 after acquiring an additional 2,900 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Kala Pharmaceuticals by 877.1% in the first quarter. BNP Paribas Arbitrage SA now owns 3,410 shares of the company’s stock valued at $28,000 after acquiring an additional 3,061 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Kala Pharmaceuticals by 12.4% in the fourth quarter. Squarepoint Ops LLC now owns 27,871 shares of the company’s stock valued at $136,000 after acquiring an additional 3,071 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Kala Pharmaceuticals by 27.4% during the first quarter. Rhumbline Advisers now owns 19,430 shares of the company’s stock worth $161,000 after purchasing an additional 4,174 shares during the period. 69.67% of the stock is currently owned by hedge funds and other institutional investors.
Kala Pharmaceuticals Company Profile (NASDAQ:KALA)
Kala Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapies using its proprietary nanoparticle-based Mucus Penetrating Particles (MPP) technology for the treatment of eye diseases. The company's lead product candidate is KPI-121 0.25% which has completed two Phase III clinical trials for the treatment of temporary relief of the signs and symptoms of dry eye disease; INVELTYS which has completed two Phase III clinical trials for the treatment of inflammation and pain following ocular surgery; and KPI-285, a MPP receptor tyrosine kinase inhibitor program, which is in preclinical studies for the treatment of retinal diseases.
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