Spyglass Pharma (NASDAQ:SGP) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Spyglass Pharma (NASDAQ:SGP) from a hold rating to a sell rating in a report published on Saturday.

A number of other equities research analysts have also issued reports on the company. Stifel Nicolaus initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target for the company. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a research report on Tuesday, March 3rd. Citigroup initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price on the stock. HC Wainwright began coverage on Spyglass Pharma in a research report on Tuesday, March 10th. They set a “buy” rating and a $37.00 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 equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Spyglass Pharma has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Down 10.3%

Spyglass Pharma stock opened at $22.61 on Friday. Spyglass Pharma has a 1-year low of $20.16 and a 1-year high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last announced its earnings results on Thursday, March 26th. The company reported ($5.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.61) by $0.89.

Insider Activity

In other news, Director Ra Capital Management, L.P. purchased 3,690,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $59,040,000.00. Following the completion of the acquisition, the director owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This trade represents a 162.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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).