Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Time to Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP) shares gapped up before the market opened on Wednesday . The stock had previously closed at $18.19, but opened at $18.88. Spyglass Pharma shares last traded at $18.62, with a volume of 7,209 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SGP shares. Jefferies Financial Group began coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 target price on the stock. Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a research report on Tuesday, March 3rd. Wall Street Zen cut Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Stifel Nicolaus began coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Finally, Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Spyglass Pharma has an average rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Stock Up 1.3%

The firm’s 50-day moving average is $22.38.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02).

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. First Light Asset Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth approximately $9,716,000. Affinity Asset Advisors LLC bought a new position in Spyglass Pharma during the first quarter valued at $6,478,000. Monashee Investment Management LLC purchased a new stake in Spyglass Pharma in the first quarter worth $2,461,000. Bank of America Corp DE purchased a new stake in Spyglass Pharma in the first quarter worth $726,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Spyglass Pharma in the first quarter valued at $308,000.

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).