Spyglass Pharma (NASDAQ:SGP) Trading Down 5.1% – Here’s What Happened

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) traded down 5.1% during trading on Monday . The stock traded as low as $18.50 and last traded at $18.4850. 5,922 shares traded hands during trading, a decline of 94% from the average session volume of 94,516 shares. The stock had previously closed at $19.47.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target for the company. Citigroup assumed coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target for the company. Leerink Partners cut shares of Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Finally, HC Wainwright began coverage on shares of Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 price target for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Trading Down 2.2%

The business’s 50 day moving average is $22.59.

Spyglass Pharma (NASDAQ:SGP) last posted 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).

Hedge Funds Weigh In On Spyglass Pharma

A number of institutional investors have recently modified their holdings of SGP. The Manufacturers Life Insurance Company bought a new position in shares of Spyglass Pharma in the first quarter valued at approximately $308,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma in the first quarter valued at approximately $726,000. Monashee Investment Management LLC bought a new position in shares of Spyglass Pharma in the first quarter valued at approximately $2,461,000. Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma in the first quarter valued at approximately $6,478,000. Finally, First Light Asset Management LLC bought a new position in shares of Spyglass Pharma in the first quarter valued at approximately $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).