Spyglass Pharma (NASDAQ:SGP) Sets New 52-Week High – Here’s Why

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $39.92 and last traded at $37.6840, with a volume of 18,000 shares. The stock had previously closed at $36.94.

Analyst Ratings Changes

A number of research analysts have commented on SGP shares. 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. Wall Street Zen upgraded shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Weiss Ratings downgraded shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. HC Wainwright reissued a “buy” rating and set a $37.00 price objective on shares of Spyglass Pharma in a report on Wednesday, October 21st. Finally, UBS Group reissued a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Spyglass Pharma Trading Down 10.9%

The business has a 50 day simple moving average of $28.44 and a two-hundred day simple moving average of $24.68.

Hedge Funds Weigh In On Spyglass Pharma

Several large investors have recently added to or reduced their stakes in SGP. The Manufacturers Life Insurance Company purchased a new position in shares of Spyglass Pharma in the first quarter worth approximately $308,000. Bank of New York Mellon Corp acquired a new position in Spyglass Pharma in the second quarter valued at approximately $533,000. Bank of America Corp DE acquired a new position in Spyglass Pharma in the first quarter valued at about $726,000. Monashee Investment Management LLC bought a new position in Spyglass Pharma during the 1st quarter worth approximately $2,461,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma during the first quarter worth $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients’ regular use of eye drops. The company’s lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma’s work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.