Spyglass Pharma, Inc. (NASDAQ:SGP) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Spyglass Pharma a “Moderate Buy” consensus: Six of eight analysts recommend buying the stock, while one rates it a hold and one a sell. The average 12-month price target is $44.00, above the reported opening price of $26.10.
• Spyglass reported a quarterly loss of $0.59 per share, missing the analyst consensus estimate of a $0.48 loss; analysts expect a full-year loss of $2.55 per share.
• Several institutional investors recently initiated positions in Spyglass, including Affinity Asset Advisors, which purchased a stake valued at approximately $6.5 million. The company is developing a sustained drug-delivery intraocular lens system for glaucoma and ocular hypertension treatment.

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) have received an average rating of "Moderate Buy" from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $44.00.

SGP has been the topic of several research reports. 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 objective on the stock. Weiss Ratings upgraded shares of Spyglass Pharma from a "sell (e)" rating to a "sell (e+)" rating in a report on Thursday, August 20th.

Spyglass Pharma Price Performance

Shares of Spyglass Pharma stock opened at $26.10 on Tuesday. Spyglass Pharma has a 12 month low of $17.06 and a 12 month high of $32.44. The stock has a market capitalization of $872.52 million and a price-to-earnings ratio of -3.73. The firm's fifty day moving average price is $22.66.

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

Institutional Inflows and Outflows

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

Spyglass Pharma Company Profile

We are a late-stage biopharmaceutical company dedicated to transforming the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. Our mission is to significantly improve the lives of patients with chronic eye conditions by developing durable drug delivery solutions that can empower patients and surgeons with confidence in long-term disease control and vision preservation. Our lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to our intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT).

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