KALA stock soars to 52-week high, reaching $8.81

Kala Pharmaceuticals Inc (NASDAQ:KALA)., a micro-cap biotech company valued at $40.13 million, has seen its stock reach a 52-week high, hitting an impressive $8.81. This peak reflects a significant turnaround for the company, which has experienced a robust 1-year change, climbing 17.42%. With a beta of -2.11, the stock often moves counter to market trends, making it an interesting diversification opportunity according to InvestingPro data. Investors are closely monitoring Kala Pharmaceuticals as the stock’s performance continues to trend upward, signaling a period of strong momentum for the biopharmaceutical firm known for its innovative treatments in ocular diseases. The recent surge to this year’s high point marks a noteworthy milestone for the company and its shareholders. InvestingPro analysts have set a $15 price target, while the company maintains a healthy current ratio of 2.15. Discover 11 more exclusive InvestingPro Tips and comprehensive financial metrics to inform your investment decisions.

In other recent news, Kala Bio, a biopharmaceutical company, has secured $10.75 million through a private placement of common and preferred stock to institutional investors. The funds are earmarked for advancing the clinical development of their lead candidate, KPI-012, for persistent corneal epithelial defect (PCED) and for general corporate purposes. The transaction is expected to close around December 31, 2024, pending customary conditions.

Kala Bio is currently enrolling patients in the Phase 2b CHASE trial for KPI-012 across over 40 clinical sites. Topline data from the trial is anticipated in the second quarter of 2025. In other developments, Kala Pharmaceuticals reported a lower than expected net loss of $9.0 million for the third quarter, below the anticipated $10.0 million estimated by H.C. Wainwright.

H.C. Wainwright has reaffirmed its Buy rating and $15.00 stock price target for Kala Pharmaceuticals. The company also reported the immediate resignation of board member Mark S. Blumenkranz, M.D., from both the board and its committees. These are recent developments in the company’s journey.

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