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

Key Points

• Spyglass Pharma shares gapped up at the open, rising from a previous close of $20.88 to $21.80 before settling around $21.26 in early trading.
• Despite the pop, Wall Street Zen downgraded the stock to “sell”; however, MarketBeat still shows an average “Moderate Buy” rating with a $45.00 price target from analysts.
• The company recently reported Q1 earnings of -$0.69 per share, slightly worse than the expected -$0.67, while institutional investors added new positions in the stock during the quarter.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $20.88, but opened at $21.80. Spyglass Pharma shares last traded at $21.2550, with a volume of 12,107 shares.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Spyglass Pharma from a "hold" rating to a "sell" rating in a research note on Saturday, March 28th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $45.00.

Spyglass Pharma Price Performance

The firm's 50-day moving average is $19.88. The stock has a market capitalization of $705.77 million and a P/E ratio of -3.29.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Institutional Trading of Spyglass Pharma

A number of institutional investors have recently bought and sold shares of SGP. Monashee Investment Management LLC acquired a new position in shares of Spyglass Pharma during the 1st quarter worth about $2,461,000. Affinity Asset Advisors LLC acquired a new stake in shares of Spyglass Pharma during the 1st quarter worth about $6,478,000. First Light Asset Management LLC purchased a new stake in Spyglass Pharma during the first quarter worth approximately $9,716,000. The Manufacturers Life Insurance Company purchased a new stake in Spyglass Pharma during the first quarter worth approximately $308,000. Finally, Bank of America Corp DE acquired a new position in Spyglass Pharma in the first quarter valued at approximately $726,000.

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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