Spyglass Pharma (NASDAQ:SGP) Hits New 1-Year Low – What’s Next?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price hit a new 52-week low during trading on Tuesday . The stock traded as low as $20.15 and last traded at $21.07, with a volume of 90273 shares changing hands. The stock had previously closed at $22.65.

Analysts Set New Price Targets

Several equities analysts recently commented on SGP shares. Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Stifel Nicolaus started coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. HC Wainwright started coverage on shares of Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 price target on the stock. Jefferies Financial Group started coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price target on the stock. Finally, Citigroup started coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Performance

Spyglass Pharma (NASDAQ:SGP) last issued its earnings results on Thursday, March 26th. The company reported ($5.72) EPS for the quarter, topping analysts’ consensus estimates of ($6.61) by $0.89.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the company’s stock in a transaction on Monday, February 9th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $59,040,000.00. Following the purchase, the director directly owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. The trade was a 162.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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).