Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Time to Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP) gapped up prior to trading on Monday . The stock had previously closed at $18.81, but opened at $21.25. Spyglass Pharma shares last traded at $20.81, with a volume of 3,747 shares.

Analysts Set New Price Targets

Several analysts have recently commented on SGP shares. Stifel Nicolaus 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 target on the stock. Citigroup began coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective for the company. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen cut Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Trading Up 1.6%

The business’s 50-day moving average price is $21.29.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02).

Institutional Trading of Spyglass Pharma

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