Spyglass Pharma (NASDAQ:SGP) Upgraded to "Moderate Buy" at Raymond James Financial

Key Points

• Raymond James upgraded Spyglass Pharma to “Moderate Buy,” while analysts’ consensus remains “Moderate Buy” with an average price target of $44.00. Weiss Ratings separately initiated coverage with a “Sell (E)” rating.
• Spyglass shares rose 4.1% to open at $26.20, giving the company an approximately $875.9 million market capitalization. The stock trades between a 52-week range of $17.06 to $32.44.
• The company reported a quarterly loss of $0.59 per share, missing the $0.48-per-share consensus estimate; analysts expect a full-year loss of $2.51 per share. Several institutional investors, including First Light Asset Management and Affinity Asset Advisors, recently established positions.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) was upgraded by Raymond James Financial to a "moderate buy" rating in a research note issued to investors on Friday,Zacks.com reports.

Separately, Weiss Ratings initiated coverage on shares of Spyglass Pharma in a research note on Thursday, August 6th. They set a "sell (e)" rating on the stock. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Spyglass Pharma currently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

Spyglass Pharma Stock Up 4.1%

Spyglass Pharma stock opened at $26.20 on Friday. The stock has a fifty day simple moving average of $20.91. Spyglass Pharma has a 52-week low of $17.06 and a 52-week high of $32.44. The firm has a market capitalization of $875.87 million and a price-to-earnings ratio of -3.74.

Spyglass Pharma (NASDAQ:SGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). Sell-side analysts forecast that Spyglass Pharma will post -2.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyglass Pharma

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

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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