Spyglass Pharma (NASDAQ:SGP) Stock Price Up 8.7% - Time to Buy?

Key Points

• Shares of Spyglass Pharma rose 8.7% to about $25.81 midday, but trading was thin at roughly 35,665 shares — about 73% below its average daily volume.
• Six analysts have recently initiated or updated coverage (five Buys, one Hold), leaving a consensus price target of $45 and individual targets ranging up to $62 (Jefferies).
• Ra Capital Management, L.P. bought 3.69 million shares at $16 each on Feb. 9, raising its stake to 5.966 million shares and representing a large insider accumulation.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report)'s stock price was up 8.7% on Wednesday . The company traded as high as $25.89 and last traded at $25.8050. Approximately 35,665 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 134,534 shares. The stock had previously closed at $23.74.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Citigroup started coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They set a "buy" rating and a $42.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They issued a "buy" rating and a $62.00 price target on the stock. Stifel Nicolaus began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They set a "buy" rating and a $42.00 price target on the stock. Zacks Research upgraded Spyglass Pharma to a "hold" rating in a report on Wednesday, March 4th. Finally, HC Wainwright began coverage on Spyglass Pharma in a research report on Tuesday, March 10th. They issued a "buy" rating and a $37.00 price objective for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Spyglass Pharma has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Spyglass Pharma Price Performance

Insider Activity at Spyglass Pharma

In related news, Director Ra Capital Management, L.P. acquired 3,690,000 shares of the company's stock in a transaction dated Monday, February 9th. The shares were purchased at an average cost of $16.00 per share, with a total value of $59,040,000.00. Following the completion of the acquisition, the director directly 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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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