Spyglass Pharma (NASDAQ:SGP) Shares Down 10.1% – Here’s What Happened

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) were down 10.1% during trading on Tuesday . The company traded as low as $24.31 and last traded at $23.68. Approximately 28,945 shares traded hands during trading, a decline of 78% from the average daily volume of 133,978 shares. The stock had previously closed at $26.35.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Jefferies Financial Group assumed 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 for the company. Leerink Partners cut shares of Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a research note on Wednesday, March 4th. HC Wainwright began coverage on shares of Spyglass Pharma in a report on Tuesday, March 10th. They set a “buy” rating and a $37.00 target price for the company. Finally, Stifel Nicolaus began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price target on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Down 0.1%

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was acquired at an average cost of $16.00 per share, with a total value of $59,040,000.00. Following the completion of the acquisition, the director owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This represents a 162.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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).