Spyglass Pharma, Inc. (NASDAQ:SGP) Receives Consensus Rating of “Moderate Buy” from Brokerages

Spyglass Pharma, Inc. (NASDAQ:SGP) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $44.00.

Several equities research analysts have recently weighed in on SGP shares. Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings lowered Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Finally, Raymond James Financial assumed coverage on Spyglass Pharma in a report on Friday, August 14th. They set an “outperform” rating and a $39.00 target price on the stock.

Spyglass Pharma Stock Down 6.0%

Shares of SGP opened at $24.92 on Friday. The firm has a market cap of $833.08 million and a price-to-earnings ratio of -3.56. The business’s 50 day moving average is $26.27 and its two-hundred day moving average is $23.36. Spyglass Pharma has a 52-week low of $17.06 and a 52-week high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last released 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). On average, equities analysts expect that Spyglass Pharma will post -2.55 earnings per share for the current fiscal year.

Institutional Trading of Spyglass Pharma

Several institutional investors have recently added to or reduced their stakes in SGP. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma in the 1st quarter valued at about $308,000. 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 bought a new position in Spyglass Pharma in the first quarter worth about $726,000. Monashee Investment Management LLC acquired a new position in Spyglass Pharma in the first quarter valued at approximately $2,461,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma during the first quarter valued at approximately $6,478,000.

About Spyglass Pharma

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.