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

Key Points

• Wall Street Zen upgraded Spyglass Pharma from “Sell” to “Hold,” while the broader analyst consensus remains “Moderate Buy” with a $44.00 target price.
• Spyglass Pharma shares opened at $32.24, up substantially from their 52-week low of $17.06 but below the high of $33.84. The company’s latest quarterly loss of $0.59 per share missed the consensus estimate of $0.48.
• Several institutional investors recently established positions in the company, including First Light Asset Management and Affinity Asset Advisors, which bought stakes valued at approximately $9.7 million and $6.5 million, respectively.

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

SGP has been the subject of several other reports. UBS Group restated a "buy" rating on shares of Spyglass Pharma in a research report on Monday, October 5th. HC Wainwright reiterated a "buy" rating and issued a $37.00 price target on shares of Spyglass Pharma in a research report on Wednesday, October 21st. Weiss Ratings cut shares of Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a research note on Friday, September 25th. Finally, Raymond James Financial assumed coverage on shares of Spyglass Pharma in a research note on Friday, August 14th. They set an "outperform" rating and a $39.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Spyglass Pharma currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Spyglass Pharma Trading Down 0.8%

Spyglass Pharma stock opened at $32.24 on Friday. Spyglass Pharma has a one year low of $17.06 and a one year high of $33.84. The stock has a fifty day moving average of $27.23 and a 200 day moving average of $24.27.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.11). As a group, sell-side analysts forecast that Spyglass Pharma will post -2.55 earnings per share for the current fiscal year.

Institutional Trading of Spyglass Pharma

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

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company's platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma's lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.

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