Spyglass Pharma (NASDAQ:SGP) Hits New 52-Week Low – Should You Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $17.56 and last traded at $17.56, with a volume of 103659 shares trading hands. The stock had previously closed at $18.94.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SGP shares. HC Wainwright began coverage on Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Citigroup started coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective on the stock. Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, Stifel Nicolaus initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Five 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Performance

The business has a 50-day moving average of $21.92.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02).

Institutional Trading of Spyglass Pharma

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE acquired a new position in shares of Spyglass Pharma in the first quarter worth about $726,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the first quarter valued at approximately $308,000. First Light Asset Management LLC acquired a new stake in shares of Spyglass Pharma during the first quarter valued at approximately $9,716,000. Affinity Asset Advisors LLC purchased a new stake in shares of Spyglass Pharma in the 1st quarter valued at approximately $6,478,000. Finally, Monashee Investment Management LLC purchased a new stake in shares of Spyglass Pharma in the 1st quarter valued at approximately $2,461,000.

About Spyglass Pharma

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).