Spyglass Pharma, Inc. (NASDAQ:SGP) Receives Consensus Rating of “Moderate Buy” from Brokerages

Spyglass Pharma, Inc. (NASDAQ:SGP) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $45.00.

Separately, Weiss Ratings assumed coverage on shares of Spyglass Pharma in a report on Thursday. They set a “sell (e)” rating on the stock.

Spyglass Pharma Stock Performance

Shares of SGP stock traded up $0.56 during mid-day trading on Friday, reaching $25.31. 72,029 shares of the stock traded hands, compared to its average volume of 109,251. The business has a fifty day moving average price of $20.25. Spyglass Pharma has a 1-year low of $17.06 and a 1-year high of $32.44. The stock has a market capitalization of $846.11 million and a P/E ratio of -3.95.

Spyglass Pharma (NASDAQ:SGP) last released its quarterly earnings data 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). Equities research analysts expect that Spyglass Pharma will post -2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC acquired a new position in shares of Spyglass Pharma in the 1st quarter worth approximately $6,478,000. First Light Asset Management LLC acquired a new stake in shares of Spyglass Pharma during the first quarter worth $9,716,000. Monashee Investment Management LLC bought a new position in Spyglass Pharma during the first quarter worth $2,461,000. Bank of New York Mellon Corp bought a new position in Spyglass Pharma during the second quarter worth $533,000. Finally, Bank of America Corp DE acquired a new position in Spyglass Pharma in the first quarter valued at $726,000.

About Spyglass Pharma

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).