Spyglass Pharma (NASDAQ:SGP) Releases Earnings Results, Beats Expectations By $0.89 EPS

Spyglass Pharma (NASDAQ:SGP) released its quarterly earnings results on Thursday. The company reported ($5.72) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.61) by $0.89, Zacks reports.

Spyglass Pharma Price Performance

Shares of SGP traded down $3.17 on Friday, hitting $22.03. 6,096 shares of the stock traded hands, compared to its average volume of 130,336. Spyglass Pharma has a 1 year low of $20.16 and a 1 year high of $32.44.

Insider Buying and Selling at Spyglass Pharma

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

Analyst Ratings Changes

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

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).