Spyglass Pharma (NASDAQ:SGP) Hits New 52-Week Low – Should You Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $17.56 and last traded at $17.56, with a volume of 103659 shares. The stock had previously closed at $18.94.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. 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 target for the company. Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Jefferies Financial Group assumed coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 target price for the company. Stifel Nicolaus assumed coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. Finally, Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Spyglass Pharma Stock Performance

The stock’s 50 day moving average price is $21.92.

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

Institutional Inflows and Outflows

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

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).