Form 4: Opaleye Management Increases Sol-Gel Technologies Stake

Opaleye Management Inc., a 10% owner and director, reported acquiring additional ordinary shares of Sol-Gel Technologies Ltd. in early January 2026, increasing its indirect beneficial ownership.

Summary

• Opaleye Management Inc. reported transactions involving the acquisition of Sol-Gel Technologies Ltd. ordinary shares.
• On January 2, 2026, 2,394 ordinary shares were acquired at a weighted average price of $41.9164 per share.
• On January 5, 2026, an additional 198 ordinary shares were acquired at $42.98 per share.
• These shares are indirectly beneficially owned by Opaleye, L.P., for which Opaleye Management Inc. acts as the investment manager.
• Following these transactions, Opaleye, L.P. beneficially owns 447,331 ordinary shares.
• An additional 10,000 ordinary shares are indirectly beneficially owned by a separately managed account for which Opaleye Management Inc. acts as portfolio manager.
• Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest.

Sentiment

Score: 7

Explanation: The acquisition of additional shares by a 10% owner and director generally indicates confidence in the company's prospects, which is a positive signal for investors.

Positives

• A 10% owner and director, Opaleye Management Inc., increased its stake in Sol-Gel Technologies Ltd., signaling confidence in the company's future.
• The acquisitions were made through open market purchases, indicating a voluntary investment decision by a significant stakeholder.

Management Comments

• Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

This Form 4 filing reflects an insider transaction, specifically an increase in ownership by a significant institutional investor and director. Such transactions are often monitored by the market as potential indicators of management or large shareholder confidence, rather than directly reflecting broader industry trends.

Stakeholder Impact

• Shareholders: May view the increased stake by a significant owner as a positive sign of confidence, potentially influencing stock price.

Key Dates

Recommendation

The acquisition of additional shares by Opaleye Management Inc., a 10% owner and director, suggests strong insider confidence in Sol-Gel Technologies Ltd.'s valuation and future prospects. While a Form 4 alone does not provide a complete investment thesis, such insider buying is generally considered a positive signal for potential investors.

Keywords

Sol-Gel Technologies, SLGL, Opaleye Management, Form 4, Insider Buying, Beneficial Ownership, Share Acquisition, Investment Management