Spyglass Pharma (NASDAQ:SGP) Stock Price Down 8.2% – Time to Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price was down 8.2% on Monday . The company traded as low as $20.66 and last traded at $20.67. 42,494 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 109,023 shares. The stock had previously closed at $22.52.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five research 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Spyglass Pharma Stock Down 9.8%

The business’s 50-day moving average price is $20.57. The firm has a market capitalization of $679.12 million and a P/E ratio of -3.16.

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

Institutional Inflows and Outflows

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