Spyglass Pharma (NASDAQ:SGP) Shares Gap Down on Disappointing Earnings

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $24.27, but opened at $21.90. Spyglass Pharma shares last traded at $23.4840, with a volume of 11,238 shares.

The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02).

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SGP shares. Leerink Partners lowered shares of Spyglass Pharma to a “market perform” rating in a research report on Tuesday, March 3rd. HC Wainwright initiated coverage on shares of Spyglass Pharma in a report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price target for the company. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price objective for the company. Finally, Citigroup began coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Spyglass Pharma has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Hedge Funds Weigh In On Spyglass Pharma

A hedge fund recently bought a new stake in Spyglass Pharma stock. Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma, Inc. (NASDAQ:SGP) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 250,000 shares of the company’s stock, valued at approximately $6,478,000. Affinity Asset Advisors LLC owned 0.75% of Spyglass Pharma at the end of the most recent reporting period.

Spyglass Pharma Price Performance

The firm has a 50-day moving average of $24.52.

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).