Spyglass Pharma (NASDAQ:SGP) Stock Price Up 8.6% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGPGet Free Report) shares traded up 8.6% during mid-day trading on Monday . The stock traded as high as $22.58 and last traded at $22.5330. 54,323 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 124,132 shares. The stock had previously closed at $20.75.

Analyst Ratings Changes

Several analysts have issued reports on the company. Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a research note on Tuesday, March 3rd. Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Zacks Research raised Spyglass Pharma to a “hold” rating in a research note on Wednesday, March 4th. Jefferies Financial Group initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price objective for the company. Finally, Citigroup initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Read Our Latest Stock Report on SGP

Spyglass Pharma Price Performance

Spyglass Pharma (NASDAQ:SGPGet Free Report) last released its quarterly earnings results on Thursday, March 26th. The company reported ($5.72) EPS for the quarter, beating analysts’ consensus estimates of ($6.61) by $0.89.

Insider Buying and Selling

In other Spyglass Pharma news, Director Ra Capital Management, L.P. purchased 3,690,000 shares of the stock in a transaction on Monday, February 9th. The stock was acquired at an average price of $16.00 per share, with a total value of $59,040,000.00. Following the transaction, the director directly 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Spyglass Pharma Company Profile

(Get Free Report)

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).

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