Why Clearside Biomedical Stock Surged Today

What happened

Shares of Clearside Biomedical (NASDAQ:CLSD) jumped on Thursday following bullish analyst commentary. As of 3 p.m. EDT, the biopharmaceutical company’s stock price was up more than 12% after rising as much as 47% earlier in the day.

So what

Clearside Biomedical is developing an experimental treatment for wet age-related macular degeneration (AMD). The biotech announced positive phase 1/2a safety results on Tuesday for CLS-AX, which showed that the drug was well tolerated with no serious adverse events reported during the trial. 

A doctor is shining a light into an older patient's eyes.

Investors bid up eye care specialist Clearside Biomedical’s shares on Thursday. Image source: Getty Images.

This morning, Wedbush analyst Liana Moussatos reiterated her outperform rating on Clearside Biomedical’s stock and boosted her share-price forecast from $6 to $18. In addition to the promising results from its early-stage trial for CLS-AX, the biotech’s specialized injection platform, Moussatos noted, could help doctors better treat eye diseases by providing a more effective way to deliver drugs into patients’ eyes. 

Now what 

Moussatos’s new price target represents potential gains for shareholders of nearly 300% from the stock’s current price near $4.57. That possible upside is certainly intriguing. However, as an early-stage, small-cap biotechnology company, Clearside Biomedical remains a relatively high-risk investment. And its stock price is likely to remain volatile in the days and months ahead.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

View more information: https://www.fool.com/investing/2021/06/17/why-clearside-biomedical-stock-surged-today/

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