Spyglass Pharma (NASDAQ:SGP) Stock Price Down 4.8% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price fell 4.8% during trading on Tuesday . The stock traded as low as $19.65 and last traded at $19.83. 14,777 shares changed hands during trading, a decline of 85% from the average session volume of 98,088 shares. The stock had previously closed at $20.84.

Analyst Ratings Changes

Several research firms recently commented on SGP. Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. HC Wainwright began coverage on Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Stifel Nicolaus started coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price on the stock. Citigroup started coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. Finally, Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Price Performance

The stock has a 50-day moving average of $23.82.

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

Hedge Funds Weigh In On Spyglass Pharma

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