Spyglass Pharma (NASDAQ:SGP) Trading Down 8.2% - Here's What Happened

Key Points

• Spyglass Pharma shares fell 8.2% on Monday, trading as low as $20.66 after closing at $22.52 the prior session, with volume running well below average.
• Analyst sentiment turned more cautious after Wall Street Zen downgraded the stock from hold to sell, even though the overall consensus from analysts remains Moderate Buy with a $45.00 price target.
• The company recently reported Q1 earnings of -$0.69 per share, missing estimates by $0.02, while institutional investors have continued to add positions in the stock.

Spyglass Pharma, Inc. (NASDAQ:SGP - Get Free Report)'s share price dropped 8.2% on Monday . The company traded as low as $20.66 and last traded at $20.67. Approximately 42,494 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 109,023 shares. The stock had previously closed at $22.52.

Analysts Set New Price Targets

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

Spyglass Pharma Price Performance

The firm has a 50-day moving average of $20.57. The company has a market capitalization of $679.12 million and a price-to-earnings ratio of -3.16.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced 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 Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company purchased a new stake in shares of Spyglass Pharma in the 1st quarter worth approximately $308,000. Bank of America Corp DE bought a new stake in Spyglass Pharma during the 1st quarter valued at $726,000. Monashee Investment Management LLC purchased a new position in shares of Spyglass Pharma in the 1st quarter valued at $2,461,000. Affinity Asset Advisors LLC bought a new position in shares of Spyglass Pharma in the 1st quarter worth $6,478,000. Finally, First Light Asset Management LLC purchased a new stake in shares of Spyglass Pharma during the 1st quarter worth $9,716,000.

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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