Spyglass Pharma, Inc.’s (NASDAQ:SGP) Lock-Up Period Set To End on August 5th

Spyglass Pharma’s (NASDAQ:SGP) lock-up period is set to end on Wednesday, August 5th. Spyglass Pharma had issued 9,375,000 shares in its IPO on February 6th. The total size of the offering was $150,000,000 based on an initial share price of $16.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.

Spyglass Pharma Stock Up 3.7%

Spyglass Pharma stock opened at $22.72 on Friday. Spyglass Pharma has a 52 week low of $17.06 and a 52 week high of $32.44. The company has a market capitalization of $759.60 million and a price-to-earnings ratio of -3.54. The business has a 50-day simple moving average of $19.82.

Spyglass Pharma (NASDAQ:SGP) last announced its earnings results on Thursday, May 14th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Hedge Funds Weigh In On Spyglass Pharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. Monashee Investment Management LLC acquired a new position in Spyglass Pharma during the 1st quarter valued at $2,461,000. Affinity Asset Advisors LLC acquired a new stake in Spyglass Pharma in the 1st quarter worth $6,478,000. First Light Asset Management LLC bought a new position in shares of Spyglass Pharma during the 1st quarter worth about $9,716,000. The Manufacturers Life Insurance Company bought a new position in shares of Spyglass Pharma during the 1st quarter worth about $308,000. Finally, Bank of America Corp DE acquired a new position in shares of Spyglass Pharma during the first quarter valued at about $726,000.

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).