Spyglass Pharma (NASDAQ:SGP) Stock Price Down 10.1% - Time to Sell?

Key Points

• 10.1% drop in trading — Spyglass Pharma shares fell to about $23.68 with only 28,945 shares changing hands, a roughly 78% decline from the average session volume of 133,978.
• Analysts are broadly bullish with five Buy ratings and one Hold, giving a consensus rating of "Moderate Buy" and a consensus target price of $45.
• Ra Capital (a company director) purchased 3,690,000 shares at $16 each (about $59.0M), increasing its stake to 5,966,439 shares — a 162.1% ownership rise, signaling strong insider conviction.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) fell 10.1% during trading on Tuesday . The stock traded as low as $24.31 and last traded at $23.68. 28,945 shares changed hands during trading, a decline of 78% from the average session volume of 133,978 shares. The stock had previously closed at $26.35.

Analyst Upgrades and Downgrades

SGP has been the topic of a number of research analyst reports. Stifel Nicolaus began coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a "buy" rating and a $42.00 price target on the stock. Jefferies Financial Group started coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They issued a "buy" rating and a $62.00 price objective on the stock. Leerink Partners lowered shares of Spyglass Pharma to a "market perform" rating in a research report on Tuesday, March 3rd. HC Wainwright assumed coverage on shares of Spyglass Pharma in a research note on Tuesday, March 10th. They set a "buy" rating and a $37.00 target price for the company. Finally, Wall Street Zen raised shares of Spyglass Pharma to a "hold" rating in a report on Tuesday, February 17th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Spyglass Pharma presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

Spyglass Pharma Price Performance

Insider Buying and Selling at Spyglass Pharma

In other news, Director Ra Capital Management, L.P. bought 3,690,000 shares of the company's stock in a transaction dated Monday, February 9th. The stock was bought at an average price of $16.00 per share, with a total value of $59,040,000.00. Following the completion of the acquisition, the director owned 5,966,439 shares of the company's stock, valued at $95,463,024. This represents a 162.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

About Spyglass Pharma

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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