Spyglass Pharma (NASDAQ:SGP) Stock Moved Down to Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Spyglass Pharma from “hold” to “sell,” although the broader analyst consensus remains “Moderate Buy,” with six buys, one hold, and one sell rating.
• Spyglass shares were reported down 6.0%, opening at $24.92, while the consensus price target stands at $44.00. The stock has traded between $17.06 and $32.44 over the past year.
• Spyglass reported a quarterly loss of $0.59 per share, missing the $0.48 consensus estimate, and analysts expect a full-year loss of approximately $2.55 per share.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

SGP has been the topic of a number of other research reports. Weiss Ratings lowered shares of Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a research report on Friday, September 25th. Raymond James Financial began coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They issued an "outperform" rating and a $39.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Spyglass Pharma has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Spyglass Pharma Stock Down 6.0%

Shares of NASDAQ:SGP opened at $24.92 on Friday. The company has a market cap of $833.08 million and a price-to-earnings ratio of -3.56. The business has a 50 day moving average price of $26.27 and a 200 day moving average price of $23.36. Spyglass Pharma has a twelve month low of $17.06 and a twelve month high of $32.44.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Analysts anticipate that Spyglass Pharma will post -2.55 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company acquired a new stake in Spyglass Pharma during the first quarter valued at approximately $308,000. Bank of New York Mellon Corp acquired a new position in shares of Spyglass Pharma in the 2nd quarter worth approximately $533,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $726,000. Monashee Investment Management LLC acquired a new stake in Spyglass Pharma in the 1st quarter valued at $2,461,000. Finally, Affinity Asset Advisors LLC bought a new stake in Spyglass Pharma in the first quarter valued at $6,478,000.

About Spyglass Pharma

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.

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