Spyglass Pharma (NASDAQ:SGP) Trading Down 4.8% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price traded down 4.8% during trading on Tuesday . The company traded as low as $19.65 and last traded at $19.83. 14,777 shares traded hands during trading, a decline of 85% from the average session volume of 98,088 shares. The stock had previously closed at $20.84.

Analyst Ratings Changes

SGP has been the subject of several analyst reports. HC Wainwright assumed coverage on Spyglass Pharma in a report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 target price for the company. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective for the company. Zacks Research raised shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Leerink Partners lowered shares of Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Finally, Jefferies Financial Group began coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Stock Performance

The stock’s 50-day moving average price is $23.42.

Spyglass Pharma (NASDAQ:SGP) last released 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

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

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).