Spyglass Pharma (NASDAQ:SGP) Earns Buy Rating from HC Wainwright

Spyglass Pharma (NASDAQ:SGP)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $37.00 target price on the stock. HC Wainwright‘s price objective indicates a potential upside of 37.75% from the stock’s current price.

A number of other equities research analysts have also recently commented on SGP. UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Raymond James Financial started coverage on shares of Spyglass Pharma in a research note on Friday, August 14th. They set an “outperform” rating and a $39.00 price objective on the stock. Finally, Wall Street Zen cut shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Spyglass Pharma Price Performance

NASDAQ:SGP traded up $0.70 during midday trading on Wednesday, hitting $26.86. The company’s stock had a trading volume of 35,046 shares, compared to its average volume of 107,225. Spyglass Pharma has a fifty-two week low of $17.06 and a fifty-two week high of $32.44. The firm’s 50 day moving average is $26.58 and its 200-day moving average is $23.28. The firm has a market cap of $897.93 million and a P/E ratio of -3.84.

Spyglass Pharma (NASDAQ:SGP) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts forecast that Spyglass Pharma will post -2.55 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGP. First Light Asset Management LLC purchased a new position in Spyglass Pharma in the 1st quarter valued at $9,716,000. Affinity Asset Advisors LLC acquired a new position in Spyglass Pharma in the 1st quarter valued at about $6,478,000. Monashee Investment Management LLC acquired a new position in Spyglass Pharma in the 1st quarter valued at about $2,461,000. Bank of America Corp DE acquired a new position in Spyglass Pharma in the 1st quarter valued at about $726,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Spyglass Pharma during the second quarter worth about $533,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company developing sustained-release drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to deliver medication inside the eye over extended periods, with the goal of reducing reliance on daily eye drops and improving treatment adherence.

SpyGlass Pharma’s lead development programs focus on glaucoma and ocular hypertension, conditions in which elevated intraocular pressure can damage the optic nerve and lead to vision loss.