Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – What’s Next?

Spyglass Pharma, Inc. (NASDAQ:SGP) shares gapped up before the market opened on Friday. The stock had previously closed at $23.90, but opened at $25.03. Spyglass Pharma shares last traded at $25.2360, with a volume of 1,586 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SGP. Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $37.00 price target on shares of Spyglass Pharma in a research report on Monday. 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. UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a report on Monday. Finally, Raymond James Financial started coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

Spyglass Pharma Trading Up 2.4%

The stock has a fifty day simple moving average of $26.51 and a 200-day simple moving average of $23.28. The stock has a market cap of $842.44 million and a price-to-earnings ratio of -3.60.

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). Sell-side analysts forecast that Spyglass Pharma, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company developing sustained-release drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to deliver medication inside the eye over extended periods, with the goal of reducing reliance on daily eye drops and improving treatment adherence.

SpyGlass Pharma’s lead development programs focus on glaucoma and ocular hypertension, conditions in which elevated intraocular pressure can damage the optic nerve and lead to vision loss.