Kala Pharmaceuticals Inc (NASDAQ:KALA) saw a large increase in short interest in January. As of January 12th, there was short interest totalling 1,913,480 shares, an increase of 62.0% from the December 29th total of 1,181,331 shares. Based on an average daily trading volume, of 760,981 shares, the short-interest ratio is currently 2.5 days. Currently, 13.2% of the shares of the stock are sold short.
In other news, major shareholder Orbimed Advisors Llc acquired 362,240 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was bought at an average cost of $15.00 per share, for a total transaction of $5,433,600.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have acquired 1,108,150 shares of company stock valued at $15,772,394.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in Kala Pharmaceuticals by 67.4% in the fourth quarter. Millennium Management LLC now owns 103,400 shares of the company’s stock valued at $1,912,000 after buying an additional 41,637 shares during the last quarter. TIAA CREF Investment Management LLC increased its holdings in Kala Pharmaceuticals by 48.4% in the fourth quarter. TIAA CREF Investment Management LLC now owns 28,340 shares of the company’s stock valued at $524,000 after buying an additional 9,247 shares during the last quarter. Teachers Advisors LLC increased its holdings in Kala Pharmaceuticals by 44.6% in the fourth quarter. Teachers Advisors LLC now owns 21,006 shares of the company’s stock valued at $388,000 after buying an additional 6,478 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in Kala Pharmaceuticals in the fourth quarter valued at $235,000. Finally, Deutsche Bank AG increased its holdings in Kala Pharmaceuticals by 126.1% in the fourth quarter. Deutsche Bank AG now owns 19,096 shares of the company’s stock valued at $352,000 after buying an additional 10,651 shares during the last quarter. Institutional investors and hedge funds own 63.00% of the company’s stock.
Shares of Kala Pharmaceuticals (NASDAQ KALA) opened at $14.43 on Thursday. The stock has a market capitalization of $348.14 and a price-to-earnings ratio of -7.93. The company has a quick ratio of 11.00, a current ratio of 11.00 and a debt-to-equity ratio of 0.14. Kala Pharmaceuticals has a 52 week low of $11.81 and a 52 week high of $26.75.
Several equities research analysts have commented on the company. BidaskClub lowered Kala Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. Wells Fargo & Co reiterated an “outperform” rating and issued a $19.00 price objective (down from $24.00) on shares of Kala Pharmaceuticals in a research report on Thursday, January 25th. They noted that the move was a valuation call. Wedbush restated an “outperform” rating and set a $46.00 price target on shares of Kala Pharmaceuticals in a research note on Friday, December 22nd. Finally, JPMorgan Chase & Co. set a $35.00 price target on Kala Pharmaceuticals and gave the stock a “buy” rating in a research note on Sunday, November 19th. Two research analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $35.80.
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About Kala Pharmaceuticals
Kala Pharmaceuticals, Inc is a biopharmaceutical company focused on the development and commercialization of therapeutics through its nanoparticle-based Mucus Penetrating Particles, or MPP, technology. The Company’s initial focus is on the treatment of eye diseases. The Company’s product candidate includes KPI-121 1%, KPI-121 0.25% and MPP rTKI Program.
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