HC Wainwright lowers Kala Pharmaceuticals (NASDAQ:KALA) price target to $2.50


Kala Pharmaceuticals (NASDAQ: KALAGet a rating) had its price target reduced by HC Wainwright research analysts from $4.00 to $2.50 in a note issued to investors on Monday, MarketBeat.com reports. The company currently has a “buy” rating on the stock.

Separately, Wedbush cut its price target on Kala Pharmaceuticals shares from $6.00 to $3.00 and gave the stock an “na” rating in a Tuesday, May 17 report.

Kala Pharmaceuticals stock performance

Kala Pharmaceuticals stock opened at $0.33 on Monday. The company has a market capitalization of $24.33 million, a PE ratio of -0.17 and a beta of 1.04. The company has a 50-day moving average price of $0.34 and a 200-day moving average price of $0.70. The company has a debt ratio of 5.04, a quick ratio of 2.54 and a current ratio of 2.54. Kala Pharmaceuticals has a fifty-two week low of $0.28 and a fifty-two week high of $3.61.

Kala Pharmaceuticals (NASDAQ: KALAGet a rating) last released its quarterly earnings data on Monday, May 16. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). The company posted revenue of $1.37 million for the quarter, versus $3.11 million expected by analysts. Kala Pharmaceuticals had a negative net margin of 1,628.91% and a negative return on equity of 1,320.11%. In the same period of the previous year, the company had earned earnings per share of ($0.49). As a group, stock analysts expect Kala Pharmaceuticals to post -1.27 earnings per share for the current year.

Insiders place their bets

In other Kala Pharmaceuticals news, major shareholder Ra Capital Management, LP sold 1,434,509 shares of Kala Pharmaceuticals in a trade on Wednesday, May 25. The shares were sold at an average price of $0.42, for a total value of $602,493.78. Following the transaction, the insider now directly owns 8,045,299 shares of the company, valued at $3,379,025.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. In the past three months, insiders have sold 2,695,097 shares of the company valued at $1,418,911. 20.04% of the shares are currently held by insiders.

Hedge funds weigh on Kala Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its stake in Kala Pharmaceuticals by 1,044.4% in the second quarter. Millennium Management LLC now owns 572,189 shares of the company worth $172,000 after purchasing an additional 522,189 shares in the last quarter. Renaissance Technologies LLC increased its holdings of Kala Pharmaceuticals shares by 35.9% during the second quarter. Renaissance Technologies LLC now owns 355,600 shares of the company valued at $107,000 after purchasing an additional 93,900 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings of Kala Pharmaceuticals shares by 49.2% during the second quarter. Integrated Wealth Concepts LLC now owns 152,121 shares of the company valued at $46,000 after purchasing an additional 50,181 shares in the last quarter. Virtu Financial LLC increased its holdings of Kala Pharmaceuticals shares by 11.3% in the first quarter. Virtu Financial LLC now owns 140,511 shares of the company valued at $194,000 after purchasing an additional 14,280 shares in the last quarter. Finally, Mirabella Financial Services LLP purchased a new equity stake in Kala Pharmaceuticals during the first quarter at a value of $30,000. 52.81% of the shares are held by hedge funds and other institutional investors.

About Kala Pharmaceuticals

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Kala Pharmaceuticals, Inc., a biopharmaceutical company, is focused on the discovery, development and commercialization of therapies using its proprietary mucus-penetrating particle technology for the treatment of eye diseases. The Company’s product candidates include KPI-012, which is in clinical development for the treatment of persistent corneal epithelial defects; EYSUVIS for the short-term treatment of the signs and symptoms of dry eye; and INVELTYS, a twice-daily topical ocular steroid for the treatment of postoperative inflammation and pain after eye surgery.

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