Spyglass Pharma, Inc. (NASDAQ:SGP) Stock Rated “Moderate Buy” by Wall Street Brokerages

Spyglass Pharma, Inc. (NASDAQ:SGP) has earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $44.00.

SGP has been the subject of several research reports. Weiss Ratings lowered shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research report on Friday, September 25th. Raymond James Financial assumed 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. UBS Group reiterated a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $37.00 target price on shares of Spyglass Pharma in a research report on Wednesday, October 21st.

Hedge Funds Weigh In On Spyglass Pharma

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

Spyglass Pharma Price Performance

Shares of NASDAQ:SGP opened at $30.90 on Wednesday. Spyglass Pharma has a 1 year low of $17.06 and a 1 year high of $32.44. The company has a market capitalization of $1.03 billion and a PE ratio of -4.41. The business has a fifty day moving average price of $26.86 and a two-hundred day moving average price of $24.12.

Spyglass Pharma (NASDAQ:SGP) last released its earnings results on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Sell-side analysts anticipate that Spyglass Pharma will post -2.55 earnings per share for the current year.

About Spyglass Pharma

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.