Kala Pharmaceuticals Inc (KALA) Sees Significant Decline in Short Interest

Kala Pharmaceuticals Inc (NASDAQ:KALA) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 977,477 shares, a decrease of 27.7% from the September 28th total of 1,352,748 shares. Based on an average daily trading volume, of 854,179 shares, the days-to-cover ratio is presently 1.1 days. Currently, 4.5% of the company’s stock are sold short.

Several research analysts have weighed in on KALA shares. Zacks Investment Research cut Kala Pharmaceuticals from a “buy” rating to a “sell” rating in a research report on Wednesday, August 15th. Wedbush set a $51.00 price objective on Kala Pharmaceuticals and gave the stock a “buy” rating in a research report on Sunday, August 26th. Wells Fargo & Co reissued a “buy” rating on shares of Kala Pharmaceuticals in a research report on Thursday, August 23rd. BidaskClub cut Kala Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 11th. Finally, HC Wainwright set a $35.00 price objective on Kala Pharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, August 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $28.45.

In related news, Director Gregory Grunberg purchased 606,060 shares of the firm’s stock in a transaction that occurred on Friday, October 5th. The stock was acquired at an average price of $8.25 per share, for a total transaction of $4,999,995.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ra Capital Healthcare Fund Lp purchased 2,424,242 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were bought at an average price of $8.25 per share, with a total value of $19,999,996.50. The disclosure for this purchase can be found here. Corporate insiders own 35.58% of the company’s stock.

A number of hedge funds have recently bought and sold shares of KALA. Schwab Charles Investment Management Inc. increased its position in Kala Pharmaceuticals by 86.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 25,500 shares of the company’s stock worth $404,000 after purchasing an additional 11,800 shares during the last quarter. Northern Trust Corp increased its position in shares of Kala Pharmaceuticals by 82.2% in the first quarter. Northern Trust Corp now owns 133,004 shares of the company’s stock worth $2,106,000 after acquiring an additional 60,000 shares in the last quarter. BlackRock Inc. increased its position in shares of Kala Pharmaceuticals by 36.5% in the first quarter. BlackRock Inc. now owns 1,007,691 shares of the company’s stock worth $15,951,000 after acquiring an additional 269,641 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Kala Pharmaceuticals by 94.7% in the first quarter. New York State Common Retirement Fund now owns 14,600 shares of the company’s stock worth $231,000 after acquiring an additional 7,100 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Kala Pharmaceuticals by 489.8% in the first quarter. The Manufacturers Life Insurance Company now owns 11,778 shares of the company’s stock worth $186,000 after acquiring an additional 9,781 shares in the last quarter. 53.62% of the stock is currently owned by institutional investors and hedge funds.

KALA stock opened at $7.65 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 9.79 and a current ratio of 9.79. Kala Pharmaceuticals has a 1-year low of $7.53 and a 1-year high of $22.10. The firm has a market capitalization of $263.53 million, a price-to-earnings ratio of -1.31 and a beta of -1.07.

Kala Pharmaceuticals (NASDAQ:KALA) last posted its quarterly earnings data on Thursday, August 9th. The company reported ($0.60) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.10). As a group, research analysts predict that Kala Pharmaceuticals will post -2.25 earnings per share for the current year.

Kala Pharmaceuticals Company Profile

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. Its product candidates include KPI-121 1.0%, which has completed Phase III clinical trials for the treatment of inflammation and pain following ocular surgery; INVELTYS that has completed Phase III clinical trials for the temporary relief of the signs and symptoms of dry eye disease; 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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