Spyglass Pharma, Inc. (NASDAQ:SGP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Spyglass Pharma, Inc. (NASDAQ:SGP) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $45.00.

Separately, Weiss Ratings started coverage on shares of Spyglass Pharma in a research note on Thursday. They set a “sell (e)” rating on the stock.

Spyglass Pharma Price Performance

SGP traded up $0.56 during trading on Friday, hitting $25.31. The company’s stock had a trading volume of 72,029 shares, compared to its average volume of 109,251. The stock has a market capitalization of $846.11 million and a price-to-earnings ratio of -3.95. Spyglass Pharma has a twelve month low of $17.06 and a twelve month high of $32.44. The business’s fifty day simple moving average is $20.25.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Equities analysts predict that Spyglass Pharma will post -2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyglass Pharma

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

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).