Spyglass Pharma (NASDAQ:SGP) Sets New 52-Week High – Here’s Why

Spyglass Pharma, Inc. (NASDAQ:SGP) shares hit a new 52-week high during trading on Wednesday. The company traded as high as $32.85 and last traded at $33.1310, with a volume of 105,033 shares trading hands. The stock had previously closed at $30.90.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SGP shares. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Wall Street Zen cut Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. UBS Group reissued a “buy” rating on shares of Spyglass Pharma in a research report on Monday, October 5th. HC Wainwright restated a “buy” rating and issued a $37.00 price objective on shares of Spyglass Pharma in a research note on Wednesday, October 21st. Finally, Raymond James Financial assumed coverage on Spyglass Pharma in a report on Friday, August 14th. They set an “outperform” rating and a $39.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Spyglass Pharma has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Spyglass Pharma Stock Up 7.5%

The company has a market cap of $1.11 billion and a P/E ratio of -4.71. The stock has a 50 day moving average price of $26.86 and a two-hundred day moving average price of $24.12.

Spyglass Pharma (NASDAQ:SGP) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Equities analysts anticipate that Spyglass Pharma, Inc. will post -2.55 EPS for the current year.

Hedge Funds Weigh In On Spyglass Pharma

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in Spyglass Pharma in the 2nd quarter valued at $533,000. Bank of America Corp DE acquired a new stake in shares of Spyglass Pharma during the 1st quarter worth $726,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the 1st quarter worth $308,000. First Light Asset Management LLC bought a new position in shares of Spyglass Pharma in the first quarter worth $9,716,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma in the first quarter worth $6,478,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.