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

Spyglass Pharma (NASDAQ:SGP) announced its quarterly earnings results on Thursday. The company reported ($5.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($6.61) by $0.89, Zacks reports.

Spyglass Pharma Trading Down 12.6%

Shares of NASDAQ:SGP traded down $3.17 during trading on Friday, hitting $22.03. The company’s stock had a trading volume of 6,096 shares, compared to its average volume of 130,336. Spyglass Pharma has a fifty-two week low of $20.16 and a fifty-two week high of $32.44.

Insiders Place Their Bets

In other Spyglass Pharma news, Director Ra Capital Management, L.P. acquired 3,690,000 shares of the company’s stock in a transaction on Monday, February 9th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $59,040,000.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 target price for the company. Citigroup initiated coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. HC Wainwright began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price objective for the company. Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a research note on Wednesday, March 4th. Finally, Jefferies Financial Group began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 target price on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Spyglass Pharma currently has an average rating of “Moderate Buy” and an average price target 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).