Spyglass Pharma (NASDAQ:SGP) Sets New 1-Year High – Still a Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP) reached a new 52-week high during trading on Monday. The stock traded as high as $39.92 and last traded at $37.6840, with a volume of 18,000 shares trading hands. The stock had previously closed at $36.94.

Analyst Upgrades and Downgrades

SGP has been the subject of a number of recent research reports. Wall Street Zen raised Spyglass Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $37.00 price objective on shares of Spyglass Pharma in a report on Wednesday, October 21st. Raymond James Financial initiated coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price objective on the stock. Finally, UBS Group reissued a “buy” rating on shares of Spyglass Pharma in a research report on Monday, October 5th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Spyglass Pharma Price Performance

The firm’s 50 day moving average is $28.04 and its two-hundred day moving average is $24.55. The firm has a market capitalization of $1.24 billion and a P/E ratio of -5.32.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts anticipate that Spyglass Pharma, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new stake in shares of Spyglass Pharma in the 1st quarter valued at about $308,000. Bank of New York Mellon Corp acquired a new stake in Spyglass Pharma in the 2nd quarter valued at about $533,000. Bank of America Corp DE acquired a new stake in Spyglass Pharma in the 1st quarter valued at about $726,000. Monashee Investment Management LLC acquired a new stake in Spyglass Pharma in the 1st quarter valued at about $2,461,000. Finally, Affinity Asset Advisors LLC bought a new position in Spyglass Pharma during the first quarter worth about $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.