Spyglass Pharma (NASDAQ:SGP) Stock Price Down 4.8% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP) fell 4.8% on Tuesday . The stock traded as low as $19.65 and last traded at $19.83. 14,777 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 98,088 shares. The stock had previously closed at $20.84.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SGP. Stifel Nicolaus began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price on the stock. Citigroup began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price on the stock. Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Jefferies Financial Group began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 target price on the stock. Finally, Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Spyglass Pharma has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Down 1.5%

The company’s fifty day moving average is $23.82.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Institutional Investors Weigh In On Spyglass Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma in the first quarter valued at approximately $308,000. Bank of America Corp DE acquired a new stake in shares of Spyglass Pharma in the first quarter valued at approximately $726,000. Monashee Investment Management LLC acquired a new stake in shares of Spyglass Pharma in the first quarter valued at approximately $2,461,000. Affinity Asset Advisors LLC acquired a new stake in Spyglass Pharma during the first quarter worth $6,478,000. Finally, First Light Asset Management LLC acquired a new stake in Spyglass Pharma during the first quarter worth $9,716,000.

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).