Spyglass Pharma (NASDAQ:SGP) Shares Up 8.3% – Still a Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price traded up 8.3% during mid-day trading on Wednesday . The company traded as high as $20.65 and last traded at $21.1450. Approximately 11,801 shares traded hands during trading, a decline of 89% from the average daily volume of 107,810 shares. The stock had previously closed at $19.52.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Spyglass Pharma has an average rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Trading Down 1.9%

The stock has a market cap of $671.00 million and a PE ratio of -3.13. The company has a fifty day moving average of $20.56.

Spyglass Pharma (NASDAQ:SGP) last released its earnings results 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

A number of hedge funds and other institutional investors have recently modified their holdings of SGP. Bank of America Corp DE purchased a new position in Spyglass Pharma during the 1st quarter valued at about $726,000. The Manufacturers Life Insurance Company purchased a new stake in Spyglass Pharma in the first quarter worth about $308,000. First Light Asset Management LLC bought a new position in shares of Spyglass Pharma during the first quarter valued at approximately $9,716,000. Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma during the first quarter valued at approximately $6,478,000. Finally, Monashee Investment Management LLC purchased a new position in shares of Spyglass Pharma during the first 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).