Spyglass Pharma (NASDAQ:SGP) Posts Quarterly Earnings Results, Beats Estimates By $0.89 EPS

Spyglass Pharma (NASDAQ:SGP) announced its quarterly earnings data on Thursday. The company reported ($5.72) EPS for the quarter, beating analysts’ consensus estimates of ($6.61) by $0.89, Zacks reports.

Spyglass Pharma Trading Down 10.3%

Shares of Spyglass Pharma stock opened at $22.61 on Friday. Spyglass Pharma has a 1-year low of $20.16 and a 1-year high of $32.44.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SGP shares. Jefferies Financial Group initiated coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 target price on the stock. Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup began coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective on the stock. Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Finally, Stifel Nicolaus initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Insider Transactions at Spyglass Pharma

In other Spyglass Pharma news, Director Ra Capital Management, L.P. acquired 3,690,000 shares of Spyglass Pharma stock in a transaction on Monday, February 9th. The shares were bought at an average price of $16.00 per share, with a total value of $59,040,000.00. Following the completion of the purchase, the director owned 5,966,439 shares in the company, valued at $95,463,024. This trade represents a 162.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Spyglass Pharma Company Profile

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).