Spyglass Pharma (NASDAQ:SGP) Trading Up 6.9% – Here’s What Happened

Spyglass Pharma, Inc. (NASDAQ:SGP) rose 6.9% during trading on Friday . The stock traded as high as $19.93 and last traded at $20.1150. 7,030 shares changed hands during trading, a decline of 92% from the average daily volume of 93,652 shares. The stock had previously closed at $18.81.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SGP shares. Citigroup assumed coverage on shares of Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target on the stock. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Zacks Research raised Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Jefferies Financial Group started coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $62.00 target price for the company. Finally, Stifel Nicolaus initiated coverage on shares of Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Spyglass Pharma currently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Spyglass Pharma Stock Up 3.1%

The business’s 50-day moving average price is $21.36.

Spyglass Pharma (NASDAQ:SGP) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Hedge Funds Weigh In On Spyglass Pharma

Institutional investors and hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC purchased a new stake in shares of Spyglass Pharma during the 1st quarter valued at $9,716,000. Affinity Asset Advisors LLC purchased a new position in Spyglass Pharma during the 1st quarter worth $6,478,000. Monashee Investment Management LLC purchased a new position in Spyglass Pharma during the 1st quarter worth $2,461,000. Bank of America Corp DE acquired a new position in Spyglass Pharma during the 1st quarter valued at about $726,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Spyglass Pharma in the first quarter worth about $308,000.

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).