Spyglass Pharma (NASDAQ:SGP) Price Target Raised to $45.00

Spyglass Pharma (NASDAQ:SGP) had its price target lifted by research analysts at Citigroup from $42.00 to $45.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup‘s price target would suggest a potential upside of 36.86% from the stock’s current price.

Several other research analysts also recently commented on the stock. Raymond James Financial began coverage on shares of Spyglass Pharma in a research note on Friday, August 14th. They issued an “outperform” rating and a $39.00 target price on the stock. Wall Street Zen raised shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Weiss Ratings lowered shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Stifel Nicolaus boosted their price objective on shares of Spyglass Pharma from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Friday. Finally, UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.83.

Spyglass Pharma Stock Performance

SGP stock traded down $0.44 during trading on Friday, hitting $32.88. 39,457 shares of the company traded hands, compared to its average volume of 108,503. The company has a 50-day moving average of $28.70 and a 200-day moving average of $24.78. Spyglass Pharma has a 1 year low of $17.06 and a 1 year high of $39.92. The firm has a market capitalization of $1.10 billion and a PE ratio of -4.25.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings results on Thursday, November 12th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.07). Sell-side analysts expect that Spyglass Pharma will post -2.55 EPS for the current year.

Hedge Funds Weigh In On Spyglass Pharma

A number of institutional investors have recently bought and sold shares of SGP. Bank of New York Mellon Corp purchased a new stake in Spyglass Pharma in the second quarter worth about $533,000. Bank of America Corp DE purchased a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $726,000. The Manufacturers Life Insurance Company purchased a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $308,000. First Light Asset Management LLC purchased a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $9,716,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma in the 1st quarter worth approximately $6,478,000.

About Spyglass Pharma

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients’ regular use of eye drops. The company’s lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma’s work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.