Spyglass Pharma, Inc.’s (NASDAQ:SGP) Quiet Period Set To End on March 18th

Spyglass Pharma’s (NASDAQ:SGP) quiet period is set to expire on Wednesday, March 18th. Spyglass Pharma had issued 9,375,000 shares in its IPO on February 6th. The total size of the offering was $150,000,000 based on an initial share price of $16.00. During Spyglass Pharma’s quiet period, underwriters and any insiders that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Wall Street Analyst Weigh In

SGP has been the subject of a number of research reports. Stifel Nicolaus assumed coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Jefferies Financial Group began coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 price target on the stock. Wall Street Zen upgraded shares of Spyglass Pharma to a “hold” rating in a research note on Tuesday, February 17th. Citigroup initiated coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Leerink Partners lowered shares of Spyglass Pharma to a “market perform” rating in a research report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Price Performance

NASDAQ:SGP opened at $26.55 on Friday. Spyglass Pharma has a fifty-two week low of $20.16 and a fifty-two week high of $32.44.

Insider Buying and Selling

In other Spyglass Pharma news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $59,040,000.00. Following the transaction, the director directly owned 5,966,439 shares in the company, valued at approximately $95,463,024. This represents a 162.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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).