Spyglass Pharma (NASDAQ:SGP) Stock Falls 7.2% – Should You Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price fell 7.2% during mid-day trading on Tuesday. The company traded as low as $36.71 and last traded at $35.6090. Approximately 14,119 shares changed hands during trading, a decline of 87% from the average daily volume of 108,943 shares. The stock had previously closed at $38.37.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Raymond James Financial initiated coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $37.00 price target on shares of Spyglass Pharma in a research report on Wednesday, October 21st. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Wall Street Zen upgraded shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Finally, UBS Group restated a “buy” rating on shares of Spyglass Pharma in a research report on Monday, October 5th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Spyglass Pharma currently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Spyglass Pharma Stock Down 8.0%

The firm has a 50 day moving average of $28.28 and a two-hundred day moving average of $24.63. The firm has a market capitalization of $1.18 billion and a price-to-earnings ratio of -5.04.

Institutional Investors Weigh In On Spyglass Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in Spyglass Pharma in the 2nd quarter valued at approximately $533,000. Bank of America Corp DE bought a new stake in shares of Spyglass Pharma during the first quarter worth $726,000. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma during the first quarter worth $308,000. First Light Asset Management LLC acquired a new position in shares of Spyglass Pharma during the first quarter worth $9,716,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma in the 1st quarter valued at $6,478,000.

About Spyglass Pharma

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients’ regular use of eye drops. The company’s lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma’s work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.