Spyglass Pharma (NASDAQ:SGP) Stock Price Down 10.1% – Time to Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price was down 10.1% during mid-day trading on Tuesday . The company traded as low as $24.31 and last traded at $23.68. Approximately 28,945 shares traded hands during trading, a decline of 78% from the average daily volume of 133,978 shares. The stock had previously closed at $26.35.

Wall Street Analysts Forecast Growth

SGP has been the subject of a number of analyst reports. 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 for the company. HC Wainwright began coverage on Spyglass Pharma in a research report on Tuesday, March 10th. They set a “buy” rating and a $37.00 price target on the stock. Jefferies Financial Group started coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 price objective for the company. Citigroup started coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Finally, Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Spyglass Pharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Performance

Insiders Place Their Bets

In other Spyglass Pharma news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the business’s stock in a transaction on Monday, February 9th. The stock was purchased at an average cost of $16.00 per share, for a total transaction of $59,040,000.00. Following the completion of the purchase, the director directly owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This trade represents a 162.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Spyglass Pharma Company Profile

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).