Spyglass Pharma (NASDAQ:SGP) Raised to “Moderate Buy” at Raymond James Financial

Spyglass Pharma (NASDAQ:SGP) was upgraded by equities research analysts at Raymond James Financial to a “moderate buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

Separately, Weiss Ratings started coverage on shares of Spyglass Pharma in a research report on Thursday, August 6th. They set a “sell (e)” rating on the stock. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Spyglass Pharma has an average rating of “Moderate Buy” and an average target price of $44.00.

Spyglass Pharma Price Performance

Shares of SGP opened at $26.20 on Friday. Spyglass Pharma has a one year low of $17.06 and a one year high of $32.44. The company’s fifty day simple moving average is $20.91. The firm has a market capitalization of $875.87 million and a price-to-earnings ratio of -3.74.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, research analysts expect that Spyglass Pharma will post -2.51 earnings per share for the current fiscal year.

Institutional Trading of Spyglass Pharma

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Affinity Asset Advisors LLC acquired a new stake in shares of Spyglass Pharma in the first quarter valued at $6,478,000. First Light Asset Management LLC bought a new stake in Spyglass Pharma in the first quarter worth about $9,716,000. Monashee Investment Management LLC bought a new stake in Spyglass Pharma in the first quarter worth about $2,461,000. Bank of New York Mellon Corp acquired a new stake in Spyglass Pharma in the 2nd quarter valued at about $533,000. Finally, Bank of America Corp DE acquired a new stake in Spyglass Pharma in the 1st quarter valued at about $726,000.

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).