Spyglass Pharma (NASDAQ:SGP) Price Target Raised to $45.00

Key Points

• Citigroup raised its price target on Spyglass Pharma to $45 from $42 and maintained a Buy rating, implying 36.86% upside from the prior close.
• Analysts collectively rate the stock “Moderate Buy,” with an average price target of $45.83; seven rate it Buy, one Hold, and one Sell.
• Shares fell 1.3% to $32.88 on Friday, and the company reported a quarterly loss of $0.73 per share, missing the $0.66 loss analysts expected.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) had its price objective hoisted by research analysts at Citigroup from $42.00 to $45.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 36.86% from the company's previous close.

Other analysts have also recently issued research reports about the stock. Raymond James Financial started coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They set an "outperform" rating and a $39.00 price objective on the stock. Wall Street Zen raised Spyglass Pharma from a "sell" rating to a "hold" rating in a research note on Saturday, October 31st. Weiss Ratings cut Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a research note on Friday, September 25th. UBS Group restated a "buy" rating on shares of Spyglass Pharma in a research report on Monday, October 5th. Finally, HC Wainwright lifted their price target on Spyglass Pharma from $37.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.83.

Spyglass Pharma Stock Down 1.3%

Shares of SGP stock traded down $0.44 during trading on Friday, hitting $32.88. The company had a trading volume of 39,457 shares, compared to its average volume of 108,503. The stock's 50-day moving average is $28.70 and its two-hundred day moving average is $24.78. The stock has a market capitalization of $1.10 billion and a price-to-earnings ratio of -4.25. Spyglass Pharma has a 52 week low of $17.06 and a 52 week high of $39.92.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced its earnings results on Thursday, November 12th. The company reported ($0.73) earnings per share (EPS) 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 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SGP. First Light Asset Management LLC bought a new stake in shares of Spyglass Pharma in the 1st quarter worth approximately $9,716,000. Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma during the 1st quarter valued at $6,478,000. Monashee Investment Management LLC bought a new position in shares of Spyglass Pharma during the 1st quarter valued at $2,461,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma during the 1st quarter valued at $726,000. Finally, Bank of New York Mellon Corp purchased a new position in Spyglass Pharma in the 2nd quarter worth $533,000.

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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