Spyglass Pharma (NASDAQ:SGP) Given Buy Rating at HC Wainwright

Spyglass Pharma (NASDAQ:SGP)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a report issued on Wednesday, Benzinga reports. They currently have a $37.00 price target on the stock. HC Wainwright‘s price target suggests a potential upside of 34.68% from the company’s current price.

Several other equities analysts have also issued reports on the company. Raymond James Financial assumed coverage on Spyglass Pharma in a report on Friday, August 14th. They set an “outperform” rating and a $39.00 price objective on the stock. Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a report on Monday, October 5th. Finally, Weiss Ratings lowered Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, September 25th. Seven 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Spyglass Pharma Stock Performance

Shares of SGP stock traded up $1.31 during mid-day trading on Wednesday, hitting $27.47. 48,934 shares of the stock were exchanged, compared to its average volume of 107,300. The stock’s fifty day simple moving average is $26.58 and its two-hundred day simple moving average is $23.28. The stock has a market capitalization of $918.39 million and a price-to-earnings ratio of -3.93. Spyglass Pharma has a 12-month low of $17.06 and a 12-month high of $32.44.

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

Institutional Investors Weigh In On Spyglass Pharma

Several hedge funds have recently made changes to their positions in SGP. First Light Asset Management LLC acquired a new stake in shares of Spyglass Pharma during the first quarter worth about $9,716,000. Affinity Asset Advisors LLC acquired a new stake in shares of Spyglass Pharma during the first quarter worth about $6,478,000. Monashee Investment Management LLC acquired a new stake in shares of Spyglass Pharma during the first quarter worth about $2,461,000. Bank of America Corp DE acquired a new stake in shares of Spyglass Pharma during the first quarter worth about $726,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Spyglass Pharma during the second quarter worth about $533,000.

Spyglass Pharma Company Profile

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.