Spyglass Pharma, Inc.’s Quiet Period Set To Expire Tomorrow (NASDAQ:SGP)

Spyglass Pharma’s (NASDAQ:SGP) quiet period is set to expire on Wednesday, March 18th. Spyglass Pharma had issued 9,375,000 shares in its initial public offering on February 6th. The total size of the offering was $150,000,000 based on an initial share price of $16.00. During Spyglass Pharma’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SGP shares. Zacks Research raised Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. Leerink Partners lowered Spyglass Pharma to a “market perform” rating in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Spyglass Pharma to a “hold” rating in a research note on Tuesday, February 17th. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price objective for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Trading Up 2.1%

Shares of SGP opened at $27.10 on Tuesday. Spyglass Pharma has a one year low of $20.16 and a one year high of $32.44.

Insider Buying and Selling

In other Spyglass Pharma news, Director Ra Capital Management, L.P. bought 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 completion of the acquisition, the director owned 5,966,439 shares in the company, valued at approximately $95,463,024. This represents a 162.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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).