Spyglass Pharma (NASDAQ:SGP) Shares Down 9.3% – What’s Next?

Spyglass Pharma, Inc. (NASDAQ:SGP) traded down 9.3% during trading on Wednesday . The stock traded as low as $20.45 and last traded at $20.18. Approximately 34,304 shares changed hands during trading, a decline of 68% from the average daily volume of 107,902 shares. The stock had previously closed at $22.26.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SGP shares. Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Stifel Nicolaus assumed coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Citigroup initiated coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price on the stock. HC Wainwright began coverage on Spyglass Pharma in a report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price target for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Spyglass Pharma has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Spyglass Pharma Stock Performance

The company has a market capitalization of $668.83 million and a P/E ratio of -3.15. The business has a 50 day moving average price of $21.16.

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

Institutional Inflows and Outflows

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

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).