Spyglass Pharma (NASDAQ:SGP) Shares Down 5.1% – Should You Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price was down 5.1% during trading on Monday . The company traded as low as $18.50 and last traded at $18.4850. Approximately 5,922 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 94,516 shares. The stock had previously closed at $19.47.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SGP. Jefferies Financial Group began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 target price on the stock. Citigroup began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price on the stock. HC Wainwright began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Finally, Stifel Nicolaus began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Spyglass Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Trading Down 2.2%

The stock’s fifty day simple moving average is $22.59.

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

Institutional Trading of Spyglass Pharma

Several institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the 1st quarter valued at about $308,000. Bank of America Corp DE bought a new stake in shares of Spyglass Pharma in the 1st quarter worth about $726,000. Monashee Investment Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth about $2,461,000. Affinity Asset Advisors LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth about $6,478,000. Finally, First Light Asset Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth about $9,716,000.

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).