Spyglass Pharma (NASDAQ:SGP) Raised to Hold at Wall Street Zen

Spyglass Pharma (NASDAQ:SGP) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

SGP has been the topic of a number of other reports. Raymond James Financial initiated coverage on Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price target on the stock. UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a research report on Monday, October 5th. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $37.00 price objective on shares of Spyglass Pharma in a research report on Wednesday, October 21st. Seven 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 company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Spyglass Pharma Price Performance

SGP stock opened at $32.24 on Friday. Spyglass Pharma has a twelve month low of $17.06 and a twelve month high of $33.84. The business has a fifty day moving average of $27.23 and a 200-day moving average of $24.27. The company has a market cap of $1.08 billion and a P/E ratio of -4.61.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, equities research analysts anticipate that Spyglass Pharma will post -2.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyglass Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in SGP. The Manufacturers Life Insurance Company bought a new stake in Spyglass Pharma during the first quarter valued at $308,000. Bank of New York Mellon Corp bought a new stake in shares of Spyglass Pharma in the 2nd quarter worth $533,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $726,000. Monashee Investment Management LLC bought a new position in Spyglass Pharma during the first quarter valued at about $2,461,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Spyglass Pharma during the 1st quarter worth approximately $6,478,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.