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

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. HC Wainwright started coverage on shares of Spyglass Pharma in a research report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price target for the company. Wall Street Zen downgraded shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Stifel Nicolaus started coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective for the company. Citigroup initiated coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Finally, Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Spyglass Pharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Price Performance

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

Insiders Place Their Bets

In other news, Director Ra Capital Management, L.P. acquired 3,690,000 shares of Spyglass Pharma stock in a transaction 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 owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This trade represents a 162.10% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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).