Spyglass Pharma (NASDAQ:SGP) Shares Down 7.2% – What’s Next?

Spyglass Pharma, Inc. (NASDAQ:SGP) shares traded down 7.2% on Tuesday. The stock traded as low as $36.71 and last traded at $35.6090. 14,119 shares were traded during trading, a decline of 87% from the average daily volume of 108,943 shares. The stock had previously closed at $38.37.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SGP shares. 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 target price for the company. HC Wainwright reiterated a “buy” rating and set a $37.00 price target on shares of Spyglass Pharma in a research report on Wednesday, October 21st. UBS Group reissued a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Weiss Ratings cut Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Finally, Wall Street Zen raised Spyglass Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.00.

Spyglass Pharma Trading Up 2.3%

The firm has a 50 day moving average price of $28.60 and a 200-day moving average price of $24.74. The firm has a market cap of $1.17 billion and a price-to-earnings ratio of -5.00.

Spyglass Pharma (NASDAQ:SGP) last issued its quarterly earnings data on Thursday, November 12th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.07). As a group, equities analysts expect that Spyglass Pharma, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Trading of Spyglass Pharma

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new stake in shares of Spyglass Pharma in the second quarter valued at approximately $533,000. Bank of America Corp DE acquired a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $726,000. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $308,000. First Light Asset Management LLC purchased a new stake in Spyglass Pharma in the 1st quarter valued at approximately $9,716,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Spyglass Pharma in the 1st quarter valued at approximately $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients’ regular use of eye drops. The company’s lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma’s work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.