Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Here’s Why

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $20.88, but opened at $21.80. Spyglass Pharma shares last traded at $21.2550, with a volume of 12,107 shares.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Spyglass Pharma currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Performance

The company has a 50-day moving average price of $19.88. The stock has a market cap of $705.77 million and a price-to-earnings ratio of -3.29.

Spyglass Pharma (NASDAQ:SGP) last announced its earnings results 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 Investors Weigh In On Spyglass Pharma

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

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).