Spyglass Pharma (NASDAQ:SGP) Trading 8.7% Higher – Here’s Why

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) were up 8.7% during trading on Wednesday . The stock traded as high as $25.89 and last traded at $25.8050. Approximately 35,665 shares were traded during trading, a decline of 73% from the average daily volume of 134,534 shares. The stock had previously closed at $23.74.

Wall Street Analyst Weigh In

Several research firms recently commented on SGP. HC Wainwright began coverage on shares of Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Leerink Partners cut Spyglass Pharma to a “market perform” rating in a research note on Tuesday, March 3rd. Citigroup started coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Jefferies Financial Group initiated coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price target on the stock. Finally, Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spyglass Pharma presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Down 10.3%

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings results on Thursday, March 26th. The company reported ($5.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.61) by $0.89.

Insider Buying and Selling at Spyglass Pharma

In other news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was purchased at an average price of $16.00 per share, with a total value of $59,040,000.00. Following the transaction, the director owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. The trade was a 162.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Spyglass Pharma Company Profile

We are a late-stage biopharmaceutical company dedicated to transforming the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. Our mission is to significantly improve the lives of patients with chronic eye conditions by developing durable drug delivery solutions that can empower patients and surgeons with confidence in long-term disease control and vision preservation. Our lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to our intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT).