HC Wainwright Issues Positive Forecast for Spyglass Pharma (NASDAQ:SGP) Stock Price

Spyglass Pharma (NASDAQ:SGP) had its target price lifted by stock analysts at HC Wainwright from $37.00 to $43.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright‘s price objective points to a potential upside of 24.47% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. UBS Group restated a “buy” rating on shares of Spyglass Pharma in a research note on Monday, October 5th. Raymond James Financial assumed coverage on Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 target price for the company. Wall Street Zen raised Spyglass Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Finally, Weiss Ratings cut Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, September 25th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Spyglass Pharma currently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Stock Performance

Shares of SGP traded down $0.42 during mid-day trading on Thursday, hitting $34.55. 14,956 shares of the company’s stock were exchanged, compared to its average volume of 108,723. The stock’s 50-day moving average is $28.60 and its 200-day moving average is $24.74. Spyglass Pharma has a fifty-two week low of $17.06 and a fifty-two week high of $39.92. The company has a market cap of $1.16 billion and a price-to-earnings ratio of -4.93.

Spyglass Pharma (NASDAQ:SGP) last announced its earnings results on Thursday, November 12th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.07). As a group, equities research analysts anticipate that Spyglass Pharma will post -2.55 EPS for the current year.

Hedge Funds Weigh In On Spyglass Pharma

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in shares of Spyglass Pharma during the second quarter worth $533,000. Bank of America Corp DE acquired a new stake in Spyglass Pharma in the first quarter valued at $726,000. The Manufacturers Life Insurance Company purchased a new stake in Spyglass Pharma during the 1st quarter worth about $308,000. First Light Asset Management LLC purchased a new stake in Spyglass Pharma during the 1st quarter worth about $9,716,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Spyglass Pharma during the 1st quarter worth about $6,478,000.

Spyglass Pharma Company Profile

SpyGlass Pharma is a clinical-stage ophthalmology company developing sustained-release drug delivery systems for chronic eye diseases. Its research is focused on reducing reliance on patients’ regular use of eye drops. The company’s lead program is a bimatoprost drug delivery system being developed to treat glaucoma and ocular hypertension. Bimatoprost is a medication used to lower eye pressure, and SpyGlass is studying a delivery approach intended to provide treatment over an extended period. SpyGlass Pharma’s work centers on advancing this ophthalmic delivery platform and its lead program through clinical development.