Spyglass Pharma (NASDAQ:SGP) Trading 5.3% Higher – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price traded up 5.3% during mid-day trading on Friday . The company traded as high as $27.97 and last traded at $27.82. 39,616 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 91,525 shares. The stock had previously closed at $26.42.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SGP shares. Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research note on Tuesday. They issued a “buy” rating and a $62.00 target price for the company. Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a research note on Wednesday. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a report on Tuesday. They set a “buy” rating and a $42.00 target price on the stock. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a research report on Tuesday. Finally, Citigroup assumed coverage on Spyglass Pharma in a research report on Tuesday. They issued a “buy” rating and a $42.00 price target for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

Spyglass Pharma Trading Up 5.6%

Insider Activity at Spyglass Pharma

In other Spyglass Pharma news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were bought at an average price of $16.00 per share, for a total transaction of $59,040,000.00. Following the transaction, the director directly owned 5,966,439 shares in the company, valued at $95,463,024. This trade represents a 162.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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).