Spyglass Pharma, Inc. (NASDAQ:SGP) Stock Has Average Price Target of $44.00

Key Points

• Analyst sentiment is moderately bullish: Nine brokerages have an average “Moderate Buy” rating, with seven buys, one hold and one sell. The average 12-month price target is $44.00, above the $26.16 opening price cited.
• Spyglass Pharma remains unprofitable and missed estimates: The company reported quarterly EPS of negative $0.59, missing the consensus estimate of negative $0.48, while analysts expect a full-year EPS loss of $2.55.
• Institutional investors have established new positions: First Light Asset Management, Affinity Asset Advisors and Monashee Investment Management were among the firms purchasing significant stakes during the first quarter.

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) have been given an average recommendation of "Moderate Buy" by the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $44.00.

A number of brokerages have weighed in on SGP. UBS Group reissued a "buy" rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Weiss Ratings cut Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a report on Friday, September 25th. HC Wainwright reaffirmed a "buy" rating and issued a $37.00 price objective on shares of Spyglass Pharma in a research report on Monday, October 5th. Raymond James Financial initiated coverage on Spyglass Pharma in a research note on Friday, August 14th. They issued an "outperform" rating and a $39.00 target price for the company. Finally, Wall Street Zen downgraded Spyglass Pharma from a "hold" rating to a "sell" rating in a research report on Saturday, October 3rd.

Spyglass Pharma Stock Performance

Shares of SGP opened at $26.16 on Wednesday. The company has a market capitalization of $874.53 million and a price-to-earnings ratio of -3.74. The company's 50 day simple moving average is $26.58 and its 200 day simple moving average is $23.28. Spyglass Pharma has a 1 year low of $17.06 and a 1 year high of $32.44.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced its 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). Equities analysts expect that Spyglass Pharma will post -2.55 EPS for the current fiscal year.

Institutional Trading of Spyglass Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Light Asset Management LLC purchased a new position in shares of Spyglass Pharma during the 1st quarter worth about $9,716,000. Affinity Asset Advisors LLC purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $6,478,000. Monashee Investment Management LLC purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $2,461,000. Bank of America Corp DE purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $726,000. Finally, Bank of New York Mellon Corp acquired a new position in Spyglass Pharma during the second quarter worth approximately $533,000.

Spyglass Pharma Company Profile

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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