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

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $34.24 and last traded at $34.6730, with a volume of 1,557 shares changing hands. The stock had previously closed at $33.64.

Wall Street Analyst Weigh In

SGP has been the subject of several recent research reports. Raymond James Financial initiated coverage on Spyglass Pharma in a research report on Friday, August 14th. They set an “outperform” rating and a $39.00 price target for the company. Wall Street Zen raised Spyglass Pharma from a “sell” rating to a “hold” rating in a research report on Saturday. HC Wainwright reiterated a “buy” rating and set a $37.00 price objective on shares of Spyglass Pharma in a research note on Wednesday, October 21st. Weiss Ratings downgraded Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Finally, UBS Group reissued a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

Spyglass Pharma Stock Performance

The firm has a market cap of $1.14 billion and a P/E ratio of -4.91. The firm’s fifty day moving average is $27.37 and its 200 day moving average is $24.32.

Spyglass Pharma (NASDAQ:SGP) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, equities research analysts forecast that Spyglass Pharma, Inc. will post -2.55 EPS for the current year.

Hedge Funds Weigh In On Spyglass Pharma

A number of large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in Spyglass Pharma during the 2nd quarter worth approximately $533,000. Bank of America Corp DE bought a new stake in Spyglass Pharma in the 1st quarter valued at $726,000. The Manufacturers Life Insurance Company acquired a new position in Spyglass Pharma in the 1st quarter valued at $308,000. First Light Asset Management LLC acquired a new position in Spyglass Pharma in the 1st quarter valued at $9,716,000. Finally, Affinity Asset Advisors LLC acquired a new position in Spyglass Pharma in the 1st quarter valued at $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.