Sol-Gel Technologies Ltd. (NASDAQ:SLGL) Sees Significant Decline in Short Interest

Sol-Gel Technologies Ltd. (NASDAQ:SLGL) saw a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 13,500 shares, a drop of 56.9% from the February 29th total of 31,300 shares. Based on an average trading volume of 28,200 shares, the short-interest ratio is presently 0.5 days. Currently, 0.1% of the shares of the company are short sold.

Sol-Gel Technologies Stock Performance

Shares of NASDAQ SLGL traded up $0.03 during midday trading on Thursday, reaching $1.01. The stock had a trading volume of 19,670 shares, compared to its average volume of 27,011. Sol-Gel Technologies has a 12-month low of $0.90 and a 12-month high of $4.39. The stock has a 50-day moving average of $1.13 and a 200-day moving average of $1.34. The company has a market capitalization of $28.14 million, a price-to-earnings ratio of -1.00 and a beta of 1.34.

Hedge Funds Weigh In On Sol-Gel Technologies

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC grew its holdings in shares of Sol-Gel Technologies by 349.3% in the third quarter. Tower Research Capital LLC TRC now owns 5,643 shares of the company’s stock valued at $28,000 after purchasing an additional 4,387 shares in the last quarter. Raymond James & Associates grew its holdings in Sol-Gel Technologies by 25.4% during the 1st quarter. Raymond James & Associates now owns 47,492 shares of the company’s stock worth $350,000 after acquiring an additional 9,631 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. purchased a new stake in Sol-Gel Technologies during the third quarter worth $374,000. Finally, Armistice Capital LLC bought a new stake in shares of Sol-Gel Technologies in the 1st quarter valued at about $9,343,000. Institutional investors own 26.18% of the company’s stock.

Sol-Gel Technologies Company Profile

Sol-Gel Technologies Ltd., a clinical stage specialty pharmaceutical company, focuses on identifying, developing, and commercializing topical dermatological drug products based on its proprietary microencapsulation delivery system in Israel. The company's lead product candidates include Twyneo, a novel, once-daily, non-antibiotic topical cream which has completed Phase III clinical trials for the treatment of acne vulgaris; Epsolay, a once-daily topical cream that has completed Phase III clinical trials for the treatment of papulopustular rosacea; SGT-210, which is in Phase I clinical trial for the treatment of palmoplantar keratoderma; SGT-610, a rare disease for the treatment of Gorlin Syndrome which has completed Phase II clinical trials; and Erlotinib and Tapinarof to treat other rare skin indications.