Spyglass Pharma (NASDAQ:SGP) Shares Gap Up - Still a Buy?

Key Points

• Spyglass Pharma shares opened higher, rising from a previous close of $23.90 to $25.03 and last trading near $25.24. The company has a market capitalization of approximately $842 million.
• Analyst sentiment remains broadly positive, with seven Buy ratings, one Hold and one Sell; MarketBeat lists a consensus “Moderate Buy” rating and a $44 price target. However, Wall Street Zen recently downgraded the stock to Sell.
• Spyglass reported a quarterly loss of $0.59 per share, missing estimates by $0.11, and analysts expect a full-year loss of $2.55 per share. The clinical-stage company is developing sustained-release eye-drug technologies for glaucoma and ocular hypertension.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) gapped up before the market opened on Friday. The stock had previously closed at $23.90, but opened at $25.03. Spyglass Pharma shares last traded at $25.2360, with a volume of 1,586 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SGP shares. Wall Street Zen downgraded shares of Spyglass Pharma from a "hold" rating to a "sell" rating in a research report on Saturday, October 3rd. Raymond James Financial assumed coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They set an "outperform" rating and a $39.00 price objective on the stock. Weiss Ratings lowered Spyglass Pharma from a "sell (e+)" rating to a "sell (e)" rating in a report on Friday, September 25th. UBS Group reissued a "buy" rating on shares of Spyglass Pharma in a research note on Monday. Finally, HC Wainwright reaffirmed a "buy" rating and set a $37.00 target price on shares of Spyglass Pharma in a research note on Monday. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.00.

Spyglass Pharma Stock Performance

The business's 50 day simple moving average is $26.51 and its 200-day simple moving average is $23.28. The company has a market cap of $842.44 million and a price-to-earnings ratio of -3.60.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced its quarterly earnings data 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 expect that Spyglass Pharma, Inc. will post -2.55 earnings per share for the current year.

Hedge Funds Weigh In On Spyglass Pharma

A number of hedge funds 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 second quarter valued at approximately $533,000. Bank of America Corp DE bought a new position in shares of Spyglass Pharma during the 1st quarter valued at $726,000. The Manufacturers Life Insurance Company bought a new position in shares of Spyglass Pharma during the 1st quarter valued at $308,000. First Light Asset Management LLC acquired a new stake in shares of Spyglass Pharma in the 1st quarter valued at $9,716,000. Finally, Affinity Asset Advisors LLC bought a new stake in Spyglass Pharma in the first quarter worth $6,478,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.