Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Still a Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $18.19, but opened at $18.88. Spyglass Pharma shares last traded at $18.62, with a volume of 7,209 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SGP shares. Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Jefferies Financial Group began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 target price on the stock. Stifel Nicolaus started coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price target for the company. Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a research note on Tuesday, March 3rd. Finally, HC Wainwright began coverage on Spyglass Pharma in a research report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price objective for the company. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Trading Up 0.7%

The company’s fifty day simple moving average is $22.11.

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

Institutional Investors Weigh In On Spyglass Pharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma in the 1st quarter valued at about $308,000. Bank of America Corp DE purchased a new stake in shares of Spyglass Pharma during the 1st quarter worth about $726,000. Monashee Investment Management LLC acquired a new stake in Spyglass Pharma during the 1st quarter worth approximately $2,461,000. Affinity Asset Advisors LLC purchased a new position in Spyglass Pharma in the first quarter valued at approximately $6,478,000. Finally, First Light Asset Management LLC purchased a new position in Spyglass Pharma in the first quarter valued at approximately $9,716,000.

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).