Zacks Investment Research upgraded shares of Kala Pharmaceuticals (NASDAQ:KALA) from a hold rating to a buy rating in a research report report published on Thursday morning, Zacks.com reports. The brokerage currently has $7.00 target price on the stock.
According to Zacks, “Kala Pharmaceuticals, Inc. is a biopharmaceutical company. It focused on the development and commercialization of therapeutics through its nanoparticle-based Mucus Penetrating Particles technology. The Company designs proprietary drug delivery technology to penetrate mucosal tissue such as the eyes, lungs, gastrointestinal tracts and the female reproductive systems. Kala Pharmaceuticals, Inc. is based in Waltham, United States. “
KALA has been the subject of a number of other reports. Jefferies Financial Group reissued a hold rating and issued a $15.00 target price on shares of Newell Brands in a research report on Thursday, March 14th. BidaskClub cut Zogenix from a hold rating to a sell rating in a research report on Tuesday, April 16th. Oppenheimer initiated coverage on Kala Pharmaceuticals in a research report on Wednesday, April 24th. They set an outperform rating and a $11.00 price objective for the company. Finally, Wedbush set a $51.00 price objective on Kala Pharmaceuticals and gave the stock a buy rating in a research report on Friday, July 5th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $19.43.
Shares of NASDAQ KALA opened at $6.27 on Thursday. The company has a quick ratio of 9.93, a current ratio of 10.30 and a debt-to-equity ratio of 0.86. Kala Pharmaceuticals has a 52-week low of $4.03 and a 52-week high of $14.45. The firm has a 50-day moving average price of $5.76.
Kala Pharmaceuticals (NASDAQ:KALA) last announced its earnings results on Thursday, May 9th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). The firm had revenue of $1.39 million during the quarter, compared to analyst estimates of $0.96 million. As a group, research analysts forecast that Kala Pharmaceuticals will post -2.86 earnings per share for the current fiscal year.
In related news, Director Howard B. Rosen acquired 5,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was bought at an average cost of $5.42 per share, with a total value of $27,100.00. Following the transaction, the director now owns 8,240 shares of the company’s stock, valued at $44,660.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 30.77% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of KALA. Rhumbline Advisers purchased a new stake in Kala Pharmaceuticals in the fourth quarter valued at approximately $75,000. BlackRock Inc. raised its stake in shares of Kala Pharmaceuticals by 29.2% during the fourth quarter. BlackRock Inc. now owns 1,427,672 shares of the company’s stock worth $6,980,000 after acquiring an additional 322,311 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Kala Pharmaceuticals by 46.8% during the fourth quarter. Bank of New York Mellon Corp now owns 57,911 shares of the company’s stock worth $283,000 after acquiring an additional 18,464 shares in the last quarter. Northern Trust Corp raised its stake in shares of Kala Pharmaceuticals by 44.3% during the fourth quarter. Northern Trust Corp now owns 188,995 shares of the company’s stock worth $925,000 after acquiring an additional 58,030 shares in the last quarter. Finally, United Services Automobile Association raised its stake in shares of Kala Pharmaceuticals by 33.6% during the fourth quarter. United Services Automobile Association now owns 24,218 shares of the company’s stock worth $118,000 after acquiring an additional 6,088 shares in the last quarter. 69.92% of the stock is owned by institutional investors and hedge funds.
About Kala Pharmaceuticals
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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