Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – What’s Next?

Spyglass Pharma, Inc. (NASDAQ:SGP) gapped up before the market opened on Monday. The stock had previously closed at $28.22, but opened at $29.21. Spyglass Pharma shares last traded at $29.25, with a volume of 3,202 shares.

Analyst Ratings Changes

SGP has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and issued a $37.00 price target on shares of Spyglass Pharma in a research report on Wednesday, October 21st. UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Raymond James Financial started coverage on Spyglass Pharma in a research report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price target for the company. Weiss Ratings lowered shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research report on Friday, September 25th. Finally, Wall Street Zen downgraded shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Spyglass Pharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Spyglass Pharma Trading Up 5.0%

The firm has a fifty day moving average price of $26.74 and a 200 day moving average price of $23.40. The firm has a market capitalization of $999.22 million and a price-to-earnings ratio of -4.27.

Spyglass Pharma (NASDAQ:SGP) last announced its 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). As a group, equities analysts predict that Spyglass Pharma, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Trading of Spyglass Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Light Asset Management LLC bought a new position in Spyglass Pharma in the first quarter valued at approximately $9,716,000. Affinity Asset Advisors LLC acquired a new position in shares of Spyglass Pharma in the first quarter valued at approximately $6,478,000. Monashee Investment Management LLC bought a new position in Spyglass Pharma during the 1st quarter worth about $2,461,000. Bank of America Corp DE acquired a new stake in Spyglass Pharma in the 1st quarter valued at approximately $726,000. Finally, Bank of New York Mellon Corp bought a new position in Spyglass Pharma in the second quarter valued at $533,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.