Spyglass Pharma (NASDAQ:SGP) Stock Price Up 8.3% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP) shares shot up 8.3% during trading on Wednesday . The company traded as high as $20.65 and last traded at $21.1450. 11,801 shares traded hands during trading, a decline of 89% from the average daily volume of 107,810 shares. The stock had previously closed at $19.52.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SGP. Wall Street Zen downgraded shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. HC Wainwright initiated coverage on shares of Spyglass Pharma in a research note on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Spyglass Pharma Price Performance

The stock has a market capitalization of $674.44 million and a PE ratio of -3.15. The stock has a fifty day moving average price of $20.68.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings data 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 Investors Weigh In On Spyglass Pharma

Several large investors have recently modified their holdings of SGP. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma in the 1st quarter worth $308,000. Bank of America Corp DE acquired a new position in shares of Spyglass Pharma in the 1st quarter valued at $726,000. Monashee Investment Management LLC acquired a new position in shares of Spyglass Pharma in the 1st quarter valued at $2,461,000. Affinity Asset Advisors LLC purchased a new position in Spyglass Pharma in the 1st quarter worth about $6,478,000. Finally, First Light Asset Management LLC purchased a new position in Spyglass Pharma in the 1st quarter worth about $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).