Kala Pharmaceuticals, Inc. (NASDAQ:KALA) Sees Significant Decline in Short Interest

Kala Pharmaceuticals, Inc. (NASDAQ:KALAGet Rating) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 5,030,000 shares, a drop of 30.1% from the March 15th total of 7,200,000 shares. Based on an average daily trading volume, of 1,910,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 8.6% of the shares of the company are short sold.

Hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA raised its stake in shares of Kala Pharmaceuticals by 366.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 10,670 shares of the company’s stock valued at $28,000 after acquiring an additional 8,381 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Kala Pharmaceuticals by 5.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 188,931 shares of the company’s stock valued at $495,000 after acquiring an additional 9,642 shares during the period. Barclays PLC raised its stake in shares of Kala Pharmaceuticals by 43.3% in the 3rd quarter. Barclays PLC now owns 34,053 shares of the company’s stock valued at $88,000 after acquiring an additional 10,287 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Kala Pharmaceuticals by 33.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 41,000 shares of the company’s stock valued at $107,000 after acquiring an additional 10,300 shares during the period. Finally, Rafferty Asset Management LLC raised its stake in shares of Kala Pharmaceuticals by 58.9% in the 4th quarter. Rafferty Asset Management LLC now owns 39,071 shares of the company’s stock valued at $47,000 after acquiring an additional 14,479 shares during the period. 71.84% of the stock is currently owned by institutional investors.

Several research firms recently commented on KALA. Northland Securities dropped their price target on shares of Kala Pharmaceuticals from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 30th. HC Wainwright dropped their target price on shares of Kala Pharmaceuticals from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 30th. Zacks Investment Research upgraded shares of Kala Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, February 16th. Finally, JPMorgan Chase & Co. lowered shares of Kala Pharmaceuticals from a “neutral” rating to an “underweight” rating and set a $1.50 target price on the stock. in a research report on Wednesday, March 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.81.

Shares of NASDAQ:KALA traded up $0.10 during midday trading on Tuesday, hitting $0.88. The company’s stock had a trading volume of 2,962 shares, compared to its average volume of 1,803,886. The business’s 50 day simple moving average is $1.10 and its 200 day simple moving average is $1.42. The company has a debt-to-equity ratio of 5.04, a quick ratio of 3.09 and a current ratio of 3.32. The company has a market cap of $64.22 million, a P/E ratio of -0.36 and a beta of 0.64. Kala Pharmaceuticals has a 12-month low of $0.59 and a 12-month high of $8.38.

Kala Pharmaceuticals (NASDAQ:KALAGet Rating) last posted its quarterly earnings results on Tuesday, March 29th. The company reported ($0.68) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by ($0.25). Kala Pharmaceuticals had a negative return on equity of 209.46% and a negative net margin of 1,268.73%. During the same quarter in the previous year, the company earned ($0.55) earnings per share. On average, sell-side analysts predict that Kala Pharmaceuticals will post -1.33 earnings per share for the current fiscal year.

About Kala Pharmaceuticals (Get Rating)

Kala Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapies using its proprietary mucus penetrating particles technology for the treatment of eye diseases. The company's product candidates include KPI-012, which is in clinical development stage for the treatment of persistent corneal epithelial defects; EYSUVIS for the short-term treatment of the signs and symptoms of dry eye disease; and INVELTYS, a topical twice-a-day ocular steroid for the treatment of post-operative inflammation and pain following ocular surgery.

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