Spyglass Pharma (NASDAQ:SGP) Shares Down 4.5% – What’s Next?

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) fell 4.5% on Tuesday. The company traded as low as $24.93 and last traded at $24.8110. 19,056 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 109,914 shares. The stock had previously closed at $25.98.

Analyst Upgrades and Downgrades

Several research firms have commented on SGP. Wall Street Zen upgraded shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Raymond James Financial began coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They set an “outperform” rating and a $39.00 target price on the stock. Finally, Weiss Ratings lowered Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research report on Friday, September 25th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Spyglass Pharma currently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Spyglass Pharma Trading Up 2.2%

The company’s 50 day moving average is $26.07 and its 200 day moving average is $23.35. The company has a market cap of $869.18 million and a PE ratio of -3.71.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Analysts expect that Spyglass Pharma, Inc. will post -2.55 EPS for the current year.

Institutional Trading of Spyglass Pharma

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

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company focused on developing long-acting treatments for chronic eye diseases. The company is developing drug-delivery technologies intended to reduce the need for patients to administer topical eye drops regularly.

Its lead development program, SGP-310, is an intraocular implant designed to provide sustained delivery of travoprost, a prostaglandin analog used to lower elevated intraocular pressure. The product is being developed for patients with primary open-angle glaucoma or ocular hypertension, conditions that can increase the risk of vision loss if left untreated.

SpyGlass Pharma’s platform is intended to support extended drug release inside the eye, potentially improving treatment consistency and adherence compared with daily topical medications.