Spyglass Pharma, Inc. (NASDAQ:SGP) Stock Has Average Price Target of $44.00 According to Brokerages

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) have earned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $44.00.

Several analysts have weighed in on SGP shares. Wall Street Zen upgraded shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Weiss Ratings upgraded shares of Spyglass Pharma from a “sell (e)” rating to a “sell (e+)” rating in a research report on Thursday, August 20th. Finally, Raymond James Financial assumed coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price target for the company.

Hedge Funds Weigh In On Spyglass Pharma

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 stake in shares of Spyglass Pharma in the 1st quarter worth approximately $6,478,000. Monashee Investment Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth approximately $2,461,000. Bank of America Corp DE acquired a new position in Spyglass Pharma during the 1st quarter valued at approximately $726,000. Finally, Bank of New York Mellon Corp bought a new position in Spyglass Pharma during the 2nd quarter worth $533,000.

Spyglass Pharma Trading Down 2.1%

Shares of SGP opened at $27.07 on Friday. The firm has a market cap of $904.95 million and a price-to-earnings ratio of -3.87. The stock has a 50 day moving average of $25.74 and a 200-day moving average of $23.39. Spyglass Pharma has a 52 week low of $17.06 and a 52 week high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, sell-side analysts predict that Spyglass Pharma will post -2.55 earnings per share for the current fiscal year.

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company focused on developing long-acting treatments for chronic eye diseases. The company is developing drug-delivery technologies intended to reduce the need for patients to administer topical eye drops regularly.

Its lead development program, SGP-310, is an intraocular implant designed to provide sustained delivery of travoprost, a prostaglandin analog used to lower elevated intraocular pressure. The product is being developed for patients with primary open-angle glaucoma or ocular hypertension, conditions that can increase the risk of vision loss if left untreated.

SpyGlass Pharma’s platform is intended to support extended drug release inside the eye, potentially improving treatment consistency and adherence compared with daily topical medications.