Spyglass Pharma (NASDAQ:SGP) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Spyglass Pharma (NASDAQ:SGP) from a sell rating to a hold rating in a research report released on Saturday,Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. Raymond James Financial assumed coverage on shares of Spyglass Pharma in a research report on Friday, August 14th. They set an “outperform” rating and a $39.00 target price on the stock. Weiss Ratings upgraded shares of Spyglass Pharma from a “sell (e)” rating to a “sell (e+)” rating in a report on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. 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 Trading Down 0.9%

Shares of SGP stock opened at $29.08 on Friday. The company has a market cap of $972.14 million and a price-to-earnings ratio of -4.15. The stock has a 50 day simple moving average of $24.97 and a 200-day simple moving average of $23.35. Spyglass Pharma has a 12-month low of $17.06 and a 12-month high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last posted its quarterly 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). On average, equities analysts forecast that Spyglass Pharma will post -2.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyglass Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of SGP. Bank of New York Mellon Corp acquired a new stake in Spyglass Pharma in the second quarter valued at $533,000. Bank of America Corp DE purchased a new position in shares of Spyglass Pharma in the first quarter valued at $726,000. First Light Asset Management LLC acquired a new position in shares of Spyglass Pharma during the 1st quarter worth $9,716,000. Affinity Asset Advisors LLC acquired a new position in shares of Spyglass Pharma during the 1st quarter worth $6,478,000. Finally, Monashee Investment Management LLC purchased a new stake in shares of Spyglass Pharma in the 1st quarter worth about $2,461,000.

About Spyglass Pharma

SpyGlass Pharma, Inc is a clinical-stage ophthalmic pharmaceutical company focused on developing long-acting treatments for chronic eye diseases. The company is developing drug-delivery technologies intended to reduce the need for patients to administer topical eye drops regularly.

Its lead development program, SGP-310, is an intraocular implant designed to provide sustained delivery of travoprost, a prostaglandin analog used to lower elevated intraocular pressure. The product is being developed for patients with primary open-angle glaucoma or ocular hypertension, conditions that can increase the risk of vision loss if left untreated.

SpyGlass Pharma’s platform is intended to support extended drug release inside the eye, potentially improving treatment consistency and adherence compared with daily topical medications.