Collplant (CLGN) stock took a beating on Tuesday after the regenerative and aesthetic medicine company announced results from a non-clinical trial of its photocurable dermal filler. This is a viscoelastic gel administered through a needle that can be shaped by surgeons and then hardened with light. This results in a “semi-solid, cohesive implant that withstands gravitational and mechanical forces while maintaining the desired shape.”
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Collplant is pleased with the results of its non-clinical trial of the photocurable dermal filler and intends to advance the program. It plans to increase production of the product in anticipation of a clinical trial. These trials will determine the safety and effectiveness of the product to assist in tissue regeneration with a single treatment.
Yehiel Tal, CEO of Collplant, said, “By harnessing the unique properties of our rhCollagen technology, we aim to redefine the standard of care in aesthetic medicine with a novel solution that not only delivers immediate contouring and support but also promotes natural tissue integration for long-lasting results.”
Collplant Stock Movement Today
While Collplant’s leader may be excited about its new photocurable dermal filler, investors aren’t nearly as confident. Shares of CLGN stock tumbled 24.92% in pre-market trading on Tuesday, following a 1.6% dip yesterday. The stock has also fallen 14.17% year-to-date and 37.2% over the past 12 months.
Today’s news also came with heavy trading, as some 3.2 million shares changed hands. To put that in perspective, the company’s three-month daily average trading volume is about 26,000 units.
Is Collplant Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Collplant is Moderate Buy, based on a single Buy rating over the past three months. With that comes an $11 price target for CLGN stock, representing a potential 256% upside for the shares.
