Spyglass Pharma (NASDAQ:SGP) Hits New 1-Year High – Should You Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price reached a new 52-week high during trading on Wednesday. The stock traded as high as $32.85 and last traded at $33.1310, with a volume of 105,033 shares changing hands. The stock had previously closed at $30.90.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SGP shares. Raymond James Financial initiated coverage on Spyglass Pharma in a report on Friday, August 14th. They set an “outperform” rating and a $39.00 price target for the company. Wall Street Zen lowered shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $37.00 price objective on shares of Spyglass Pharma in a report on Wednesday, October 21st. Weiss Ratings cut Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Finally, UBS Group reaffirmed a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Spyglass Pharma Stock Performance

The stock has a market cap of $1.08 billion and a price-to-earnings ratio of -4.61. The business’s 50 day moving average is $27.11 and its 200-day moving average is $24.22.

Spyglass Pharma (NASDAQ:SGP) last announced 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). Sell-side analysts anticipate that Spyglass Pharma, Inc. will post -2.55 EPS for the current fiscal year.

Institutional Trading of Spyglass Pharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in shares of Spyglass Pharma during the 1st quarter worth approximately $308,000. Bank of New York Mellon Corp purchased a new stake in shares of Spyglass Pharma in the second quarter worth about $533,000. Bank of America Corp DE purchased a new position in shares of Spyglass Pharma in the first quarter valued at about $726,000. Monashee Investment Management LLC bought a new stake in shares of Spyglass Pharma during the first quarter valued at approximately $2,461,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Spyglass Pharma during the first quarter valued at approximately $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma, Inc is an ophthalmic pharmaceutical company developing sustained drug-delivery technologies for the treatment of eye diseases. The company’s platform is designed to provide continuous delivery of medication within the eye, with the goal of reducing reliance on daily topical eye drops and improving treatment adherence.

SpyGlass Pharma’s lead product candidate is an investigational drug-delivery system intended to treat glaucoma and ocular hypertension. The implant is designed to be placed in the eye during cataract surgery and release a therapeutic agent over an extended period, potentially providing longer-term control of elevated intraocular pressure.

The company is advancing its technology through clinical development and regulatory processes in the United States.