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On Friday, Stifel analysts maintained a "Buy" rating and an $8.00 price target on Clearside Biomedical (NASDAQ:CLSD) shares, aligning with the broader analyst consensus that remains bullish on the stock. With analyst targets ranging from $5 to $8, and four analysts recently revising earnings estimates upward according to InvestingPro, the company’s progress towards Phase 3 trials for its proprietary drug CLS-AX, designed to treat wet age-related macular degeneration (wAMD), has caught Wall Street’s attention. The progress comes on the heels of a successful End of Phase 2 (EOP2) meeting and an agreement with the FDA on the Phase 3 plans.
Clearside Biomedical’s Phase 2 ODYSSEY trial was noted for its unique design, offering dosing flexibility and the option for retreatment, distinguishing it from traditional anti-VEGF rescue treatments. Analysts pointed out the importance of this flexibility in the treatment regimen.
In addition to its proprietary programs, Clearside Biomedical’s partnered portfolio is also advancing. Notably, Arctic Vision has received approvals for Arcatus in Australia and Singapore. Furthermore, a collaboration with ABBV/RGNX has resulted in ABBV-RGX-314, which is set to advance into Phase 3 trials for diabetic retinopathy (DR) in 2025. Another partnership with AURA has led to the progression of Bel-sar in the ongoing Phase 3 CoMpass trial, targeting early-stage choroidal melanoma.
The analysts emphasized that the collective experience gained from these programs, ranging from gene therapy to viral drug conjugates, is expected to support adoption in both proprietary and partnered initiatives. While Clearside Biomedical concluded 2024 with $20.0 million in cash, providing a financial runway into the fourth quarter of 2025, InvestingPro data shows the company is burning through cash rapidly with a negative free cash flow of $19.6 million in the last twelve months. The company maintains a healthy current ratio of 4.49, though analysts noted that additional capital would likely be necessary before initiating Phase 3 trials. For deeper insights into Clearside Biomedical’s financial health and growth prospects, including 8 additional ProTips and comprehensive financial metrics, explore the full analysis available on InvestingPro.
In other recent news, Clearside Biomedical reported its fourth-quarter 2024 earnings, showcasing revenue that significantly exceeded expectations. The company achieved a revenue of $306,000, surpassing the forecasted $130,140, while its earnings per share were in line with projections at -0.1. JMP Securities analyst Jonathan Wolleben reaffirmed a Market Outperform rating for Clearside Biomedical, maintaining a price target of $5.00. This endorsement aligns with the company’s plans to initiate pivotal trials for its wet age-related macular degeneration treatment, CLS-AX™, which are set to begin in the second half of 2025. The trials are designed to demonstrate the treatment’s non-inferiority to established competitors like Eylea, with a focus on flexible dosing regimens. Despite the impressive revenue figures, Clearside Biomedical is actively seeking additional funding to support its Phase 3 trials. The company concluded 2024 with $20 million in cash, which is expected to sustain operations into the fourth quarter of 2025. Clearside Biomedical’s strategic efforts to advance its CLS-AX™ treatment remain a focal point for the company’s future developments.
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