Spyglass Pharma (NASDAQ:SGP) Shares Down 8.2% – Time to Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP) was down 8.2% during mid-day trading on Monday . The stock traded as low as $20.66 and last traded at $20.67. Approximately 42,494 shares were traded during trading, a decline of 61% from the average daily volume of 109,023 shares. The stock had previously closed at $22.52.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Up 0.5%

The stock’s 50-day simple moving average is $20.42. The firm has a market capitalization of $668.33 million and a PE ratio of -3.12.

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

Institutional Trading of Spyglass Pharma

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE purchased a new stake in Spyglass Pharma in the 1st quarter worth approximately $726,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the 1st quarter valued at $308,000. First Light Asset Management LLC purchased a new position in shares of Spyglass Pharma during the 1st quarter valued at $9,716,000. Affinity Asset Advisors LLC purchased a new position in shares of Spyglass Pharma during the 1st quarter valued at $6,478,000. Finally, Monashee Investment Management LLC acquired a new position in shares of Spyglass Pharma in the first quarter worth $2,461,000.

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).