HC Wainwright Issues Positive Forecast for Spyglass Pharma (NASDAQ:SGP) Stock Price

Key Points

• HC Wainwright raised its Spyglass Pharma price target to $43 from $37 and maintained a Buy rating, implying 24.47% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and a $45 average target, with seven Buy, one Hold, and one Sell rating.
• Spyglass Pharma reported quarterly EPS of -$0.73, missing the consensus estimate of -$0.66; shares closed Thursday at $34.55, down $0.42.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) had its price target hoisted by equities researchers at HC Wainwright from $37.00 to $43.00 in a report released on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price objective would suggest a potential upside of 24.47% from the company's previous close.

A number of other equities analysts have also recently commented on the company. Wall Street Zen raised Spyglass Pharma from a "sell" rating to a "hold" rating in a report on Saturday, October 31st. Raymond James Financial assumed coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They set an "outperform" rating and a $39.00 target price for the company. Weiss Ratings downgraded shares of Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a research note on Friday, September 25th. Finally, UBS Group reaffirmed a "buy" rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Spyglass Pharma presently has an average rating of "Moderate Buy" and a consensus target price of $45.00.

Spyglass Pharma Price Performance

SGP stock traded down $0.42 during midday trading on Thursday, hitting $34.55. 14,956 shares of the stock traded hands, compared to its average volume of 108,723. The stock's fifty day simple moving average is $28.60 and its 200-day simple moving average is $24.74. Spyglass Pharma has a 1-year low of $17.06 and a 1-year high of $39.92. The firm has a market cap of $1.16 billion and a P/E ratio of -4.93.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced its quarterly earnings results on Thursday, November 12th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.07). On average, research analysts predict that Spyglass Pharma will post -2.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SGP. Bank of New York Mellon Corp acquired a new stake in Spyglass Pharma during the second quarter worth about $533,000. Bank of America Corp DE acquired a new position in Spyglass Pharma in the first quarter valued at about $726,000. The Manufacturers Life Insurance Company purchased a new position in Spyglass Pharma during the first quarter worth about $308,000. First Light Asset Management LLC purchased a new position in Spyglass Pharma during the first quarter worth about $9,716,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Spyglass Pharma during the first quarter valued at about $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients' regular use of eye drops. The company's lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma's work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.

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