Spyglass Pharma (NASDAQ:SGP) Given “Buy” Rating at HC Wainwright

Spyglass Pharma (NASDAQ:SGP)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They presently have a $37.00 price target on the stock. HC Wainwright‘s target price suggests a potential upside of 39.81% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Raymond James Financial started coverage on shares of Spyglass Pharma in a research note on Friday, August 14th. They set an “outperform” rating and a $39.00 price objective on the stock. Finally, UBS Group reiterated a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Spyglass Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Spyglass Pharma Stock Performance

Shares of Spyglass Pharma stock traded up $0.31 during trading on Wednesday, reaching $26.47. The company had a trading volume of 8,396 shares, compared to its average volume of 107,075. The company has a market cap of $884.72 million and a price-to-earnings ratio of -3.78. The firm’s fifty day moving average is $26.58 and its 200-day moving average is $23.28. Spyglass Pharma has a fifty-two week low of $17.06 and a fifty-two week high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last issued its earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, research analysts anticipate that Spyglass Pharma will post -2.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Spyglass Pharma

Several large investors have recently made changes to their positions in SGP. Bank of New York Mellon Corp acquired a new stake in shares of Spyglass Pharma in the second quarter valued at approximately $533,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma in the first quarter valued at $726,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the 1st quarter valued at $308,000. First Light Asset Management LLC acquired a new stake in shares of Spyglass Pharma during the 1st quarter valued at $9,716,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Spyglass Pharma during the 1st quarter valued at $6,478,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company developing sustained-release drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to deliver medication inside the eye over extended periods, with the goal of reducing reliance on daily eye drops and improving treatment adherence.

SpyGlass Pharma’s lead development programs focus on glaucoma and ocular hypertension, conditions in which elevated intraocular pressure can damage the optic nerve and lead to vision loss.