Spyglass Pharma, Inc. (NASDAQ:SGP – Get Free Report) shares fell 9.3% on Wednesday . The stock traded as low as $20.45 and last traded at $20.18. Approximately 34,304 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 107,902 shares. The stock had previously closed at $22.26.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on SGP shares. 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 for the company. Jefferies Financial Group assumed coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price objective on the stock. Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a research note on Wednesday, March 4th. Finally, Leerink Partners downgraded shares of Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $45.00.
View Our Latest Analysis on SGP
Spyglass Pharma Price Performance
Spyglass Pharma (NASDAQ:SGP – Get Free Report) last announced its quarterly 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 Investors Weigh In On Spyglass Pharma
Hedge funds have recently bought and sold shares of the business. First Light Asset Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth about $9,716,000. Affinity Asset Advisors LLC bought a new stake in Spyglass Pharma during the first quarter worth approximately $6,478,000. Monashee Investment Management LLC bought a new stake in Spyglass Pharma during the first quarter worth approximately $2,461,000. Bank of America Corp DE purchased a new stake in Spyglass Pharma during the first quarter valued at approximately $726,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Spyglass Pharma in the 1st quarter valued at approximately $308,000.
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).
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