Spyglass Pharma (NASDAQ:SGP) Sets New 1-Year High - Still a Buy?

Key Points

• Spyglass Pharma hit a new 52-week high of $39.92 and was last trading at $37.684, up from its previous close of $36.94.
• Analysts give the stock a “Moderate Buy” consensus, with an average price target of $44; ratings include seven Buys, one Hold, and one Sell.
• The company reported a quarterly loss of $0.59 per share, missing analyst expectations of a $0.48 loss. Spyglass is developing sustained-release eye treatments, including an investigational implant for glaucoma and ocular hypertension.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) reached a new 52-week high during trading on Monday. The company traded as high as $39.92 and last traded at $37.6840, with a volume of 18,000 shares changing hands. The stock had previously closed at $36.94.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SGP. Weiss Ratings cut Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a report on Friday, September 25th. Wall Street Zen upgraded Spyglass Pharma from a "sell" rating to a "hold" rating in a research report on Saturday, October 31st. UBS Group reaffirmed a "buy" rating on shares of Spyglass Pharma in a research note 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. Finally, Raymond James Financial started coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They issued an "outperform" rating and a $39.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Spyglass Pharma Price Performance

The stock's 50 day simple moving average is $28.04 and its two-hundred day simple moving average is $24.55. The stock has a market cap of $1.24 billion and a P/E ratio of -5.32.

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 for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts forecast that Spyglass Pharma, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spyglass Pharma

Several institutional investors have recently added to or reduced their stakes in SGP. Bank of New York Mellon Corp bought a new position in Spyglass Pharma during the 2nd quarter worth about $533,000. Bank of America Corp DE acquired a new stake in shares of Spyglass Pharma in the 1st quarter valued at about $726,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma in the 1st quarter valued at about $308,000. First Light Asset Management LLC bought a new stake in shares of Spyglass Pharma in the first quarter valued at about $9,716,000. Finally, Affinity Asset Advisors LLC bought a new stake in shares of Spyglass Pharma in the first quarter valued at about $6,478,000.

About Spyglass Pharma

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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