Spyglass Pharma (NASDAQ:SGP) Trading 8.3% Higher – Should You Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price shot up 8.3% on Wednesday . The company traded as high as $20.65 and last traded at $21.1450. Approximately 11,801 shares traded hands during trading, a decline of 89% from the average session volume of 107,810 shares. The stock had previously closed at $19.52.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SGP. Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. HC Wainwright assumed coverage on Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Price Performance

The company has a market cap of $674.44 million and a P/E ratio of -3.15. The business’s 50 day simple moving average is $20.68.

Spyglass Pharma (NASDAQ:SGP) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Institutional Investors Weigh In On Spyglass Pharma

Large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma during the first quarter worth approximately $308,000. Monashee Investment Management LLC bought a new position in Spyglass Pharma in the 1st quarter worth approximately $2,461,000. Bank of America Corp DE acquired a new stake in Spyglass Pharma in the 1st quarter valued at approximately $726,000. First Light Asset Management LLC bought a new stake in Spyglass Pharma during the 1st quarter valued at $9,716,000. Finally, Affinity Asset Advisors LLC bought a new stake in Spyglass Pharma during the 1st quarter valued at $6,478,000.

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).