Spyglass Pharma (NASDAQ:SGP) Trading Down 5.2% – Here’s Why

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price traded down 5.2% on Thursday . The company traded as low as $23.22 and last traded at $23.18. 38,932 shares were traded during trading, a decline of 69% from the average session volume of 126,557 shares. The stock had previously closed at $24.44.

Analysts Set New Price Targets

SGP has been the topic of a number of analyst reports. Stifel Nicolaus began coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective on the stock. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. HC Wainwright started coverage on Spyglass Pharma in a research note on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price objective on the stock. Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Finally, Citigroup started coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Spyglass Pharma presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Price Performance

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings results on Thursday, March 26th. The company reported ($5.72) earnings per share for the quarter, beating the consensus estimate of ($6.61) by $0.89.

Insider Buying and Selling

In other 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 stock was acquired at an average cost of $16.00 per share, with a total value of $59,040,000.00. Following the transaction, the director directly owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This represents a 162.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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).