Spyglass Pharma (NASDAQ:SGP) Shares Down 5.2% – Time to Sell?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s share price dropped 5.2% on Thursday . The stock traded as low as $23.22 and last traded at $23.18. Approximately 38,932 shares were traded during trading, a decline of 69% from the average daily volume of 126,557 shares. The stock had previously closed at $24.44.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SGP. Stifel Nicolaus began coverage on Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price target for the company. Citigroup started coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective on the stock. HC Wainwright began coverage on Spyglass Pharma in a report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 target price for the company. Wall Street Zen downgraded Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Finally, Jefferies Financial Group initiated coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $62.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Price Performance

Spyglass Pharma (NASDAQ:SGP) last issued its quarterly earnings data on Thursday, March 26th. The company reported ($5.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.61) by $0.89.

Insider Transactions at Spyglass Pharma

In other Spyglass Pharma news, Director Ra Capital Management, L.P. purchased 3,690,000 shares of the business’s stock in a transaction on Monday, February 9th. The shares were bought at an average cost of $16.00 per share, for a total transaction of $59,040,000.00. Following the completion of the purchase, the director directly owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This trade represents a 162.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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).