Spyglass Pharma (NASDAQ:SGP) Releases Earnings Results, Misses Estimates By $0.11 EPS

Spyglass Pharma (NASDAQ:SGP) issued its quarterly earnings results on Thursday. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11), FiscalAI reports.

Spyglass Pharma Stock Up 2.3%

NASDAQ:SGP traded up $0.56 during midday trading on Friday, hitting $25.31. The stock had a trading volume of 72,029 shares, compared to its average volume of 110,199. The company’s 50-day simple moving average is $20.25. The stock has a market capitalization of $846.11 million and a P/E ratio of -3.95. Spyglass Pharma has a one year low of $17.06 and a one year high of $32.44.

Institutional Investors Weigh In On Spyglass Pharma

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

Analysts Set New Price Targets

Separately, Weiss Ratings began coverage on Spyglass Pharma in a research report on Thursday. They issued a “sell (e)” rating on the stock. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

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).