Spyglass Pharma (NASDAQ:SGP) Trading Down 5.1% – Here’s Why

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) fell 5.1% during mid-day trading on Monday . The stock traded as low as $18.50 and last traded at $18.4850. 5,922 shares were traded during trading, a decline of 94% from the average session volume of 94,516 shares. The stock had previously closed at $19.47.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SGP shares. Stifel Nicolaus started coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Citigroup started coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Jefferies Financial Group started coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 target price for the company. Finally, Zacks Research raised Spyglass Pharma to a “hold” rating in a research note on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Spyglass Pharma has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Down 2.9%

The stock’s fifty day moving average price is $22.38.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. First Light Asset Management LLC purchased a new position in Spyglass Pharma during the 1st quarter valued at about $9,716,000. Affinity Asset Advisors LLC purchased a new position in Spyglass Pharma during the 1st quarter valued at about $6,478,000. Monashee Investment Management LLC purchased a new position in Spyglass Pharma during the 1st quarter valued at about $2,461,000. Bank of America Corp DE purchased a new position in Spyglass Pharma during the 1st quarter valued at about $726,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Spyglass Pharma during the 1st quarter valued at about $308,000.

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).