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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Spyglass Pharma, with six buys, one hold and one sell among eight covering firms. The average 12-month price target is $44.00 versus the stock’s reported opening price of $27.07.
• Spyglass Pharma reported a quarterly loss of $0.59 per share, missing the $0.48 consensus estimate; analysts expect a full-year loss of approximately $2.55 per share.
• The clinical-stage company is developing long-acting ophthalmic drug-delivery treatments, including its lead SGP-310 implant for glaucoma and ocular hypertension, while several institutional investors recently initiated positions.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eight ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $44.00.

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Spyglass Pharma from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Raymond James Financial initiated coverage on Spyglass Pharma in a research note on Friday, August 14th. They set an "outperform" rating and a $39.00 target price for the company. Finally, Weiss Ratings upgraded Spyglass Pharma from a "sell (e)" rating to a "sell (e+)" rating in a research note on Thursday, August 20th.

Spyglass Pharma Stock Down 2.1%

NASDAQ:SGP opened at $27.07 on Friday. The company has a market cap of $904.95 million and a P/E ratio of -3.87. Spyglass Pharma has a fifty-two week low of $17.06 and a fifty-two week high of $32.44. The firm's 50 day moving average is $25.74 and its two-hundred day moving average is $23.39.

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

Hedge Funds Weigh In On Spyglass Pharma

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