Spyglass Pharma (NASDAQ:SGP) Stock Price Up 8.6% - Here's What Happened

Key Points

• Spyglass Pharma shares rose 8.6% to $22.53 on Monday (intraday high $22.58) on volume of ~54,323 shares, about 56% below its average daily volume.
• Analysts are broadly positive with five "Buy" ratings and one "Hold," yielding a consensus "Moderate Buy" and a consensus target price of $45 (individual targets range up to $62).
• Ra Capital purchased 3,690,000 shares at $16, increasing its stake to 5,966,439 shares, and the company recently beat quarterly EPS estimates (‑$5.72 vs. consensus ‑$6.61).

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report) shares rose 8.6% on Monday . The stock traded as high as $22.58 and last traded at $22.5330. Approximately 54,323 shares were traded during trading, a decline of 56% from the average daily volume of 124,132 shares. The stock had previously closed at $20.75.

Analyst Upgrades and Downgrades

SGP has been the topic of several analyst reports. Zacks Research upgraded Spyglass Pharma to a "hold" rating in a research report on Wednesday, March 4th. Stifel Nicolaus assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a "buy" rating and a $42.00 price objective on the stock. HC Wainwright assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 10th. They issued a "buy" rating and a $37.00 price objective on the stock. Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a "buy" rating and a $62.00 price objective on the stock. Finally, Citigroup assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a "buy" rating and a $42.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. 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 Stock Up 15.3%

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last posted its quarterly earnings data on Thursday, March 26th. The company reported ($5.72) earnings per share for the quarter, topping the consensus estimate of ($6.61) by $0.89.

Insider Transactions at Spyglass Pharma

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

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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