Spyglass Pharma (NASDAQ:SGP) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Spyglass Pharma from “sell” to “hold.” Despite mixed ratings, the stock has a consensus “Moderate Buy” rating and an average price target of $44.00.
• Spyglass shares opened at $29.08, with a market capitalization of approximately $972 million. The company reported a quarterly loss of $0.59 per share, missing analysts’ estimate of a $0.48 loss.
• Several hedge funds recently established positions in Spyglass Pharma, while the clinical-stage company continues developing long-acting ophthalmic treatments, including its SGP-310 implant for glaucoma and ocular hypertension.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently issued reports on SGP. Raymond James Financial initiated coverage on Spyglass Pharma in a report on Friday, August 14th. They set an "outperform" rating and a $39.00 price objective for the company. Weiss Ratings raised Spyglass Pharma from a "sell (e)" rating to a "sell (e+)" rating in a research note on Thursday, August 20th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $44.00.

Spyglass Pharma Stock Down 0.9%

Shares of SGP opened at $29.08 on Friday. The stock's 50-day moving average price is $24.97 and its 200 day moving average price is $23.35. The firm has a market capitalization of $972.14 million and a price-to-earnings ratio of -4.15. Spyglass Pharma has a 12-month low of $17.06 and a 12-month high of $32.44.

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

Hedge Funds Weigh In On Spyglass Pharma

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

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company focused on developing long-acting treatments for chronic eye diseases. The company is developing drug-delivery technologies intended to reduce the need for patients to administer topical eye drops regularly.

Its lead development program, SGP-310, is an intraocular implant designed to provide sustained delivery of travoprost, a prostaglandin analog used to lower elevated intraocular pressure. The product is being developed for patients with primary open-angle glaucoma or ocular hypertension, conditions that can increase the risk of vision loss if left untreated.

SpyGlass Pharma's platform is intended to support extended drug release inside the eye, potentially improving treatment consistency and adherence compared with daily topical medications.

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