Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Time to Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP) shares gapped up prior to trading on Wednesday . The stock had previously closed at $18.19, but opened at $18.88. Spyglass Pharma shares last traded at $18.62, with a volume of 7,209 shares.

Analyst Upgrades and Downgrades

Several research firms have commented on SGP. Stifel Nicolaus began coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective on the stock. Citigroup began coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 price objective for the company. Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Finally, HC Wainwright initiated coverage on Spyglass Pharma in a research report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Price Performance

The firm’s 50-day moving average price is $22.38.

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

Hedge Funds Weigh In On Spyglass Pharma

Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new stake in shares of Spyglass Pharma in the 1st quarter valued at about $726,000. The Manufacturers Life Insurance Company purchased a new position in shares of Spyglass Pharma during the first quarter worth about $308,000. First Light Asset Management LLC bought a new position in shares of Spyglass Pharma in the first quarter worth approximately $9,716,000. Affinity Asset Advisors LLC purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $6,478,000. Finally, Monashee Investment Management LLC purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $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).