Spyglass Pharma (NASDAQ:SGP) Stock Price Down 5.3% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price fell 5.3% during trading on Friday . The company traded as low as $27.72 and last traded at $27.7630. 28,940 shares were traded during mid-day trading, a decline of 73% from the average session volume of 105,754 shares. The stock had previously closed at $29.33.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SGP. Weiss Ratings upgraded Spyglass Pharma from a “sell (e)” rating to a “sell (e+)” rating in a report on Thursday, August 20th. Raymond James Financial initiated coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Spyglass Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Spyglass Pharma Trading Down 4.2%

The stock has a market cap of $939.47 million and a price-to-earnings ratio of -4.01. The company’s fifty day moving average is $24.84 and its two-hundred day moving average is $23.31.

Spyglass Pharma (NASDAQ:SGP) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Analysts predict that Spyglass Pharma, Inc. will post -2.55 EPS for the current year.

Hedge Funds Weigh In On Spyglass Pharma

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Spyglass Pharma during the second quarter worth about $533,000. Bank of America Corp DE acquired a new position in shares of Spyglass Pharma in the first quarter valued at approximately $726,000. First Light Asset Management LLC purchased a new stake in Spyglass Pharma during the 1st quarter worth approximately $9,716,000. Affinity Asset Advisors LLC purchased a new position in Spyglass Pharma in the first quarter valued at $6,478,000. Finally, Monashee Investment Management LLC purchased a new position in Spyglass Pharma in the first quarter valued at $2,461,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company focused on developing long-acting treatments for chronic eye diseases. The company is developing drug-delivery technologies intended to reduce the need for patients to administer topical eye drops regularly.

Its lead development program, SGP-310, is an intraocular implant designed to provide sustained delivery of travoprost, a prostaglandin analog used to lower elevated intraocular pressure. The product is being developed for patients with primary open-angle glaucoma or ocular hypertension, conditions that can increase the risk of vision loss if left untreated.

SpyGlass Pharma’s platform is intended to support extended drug release inside the eye, potentially improving treatment consistency and adherence compared with daily topical medications.