Spyglass Pharma (NASDAQ:SGP) Shares Down 9.3% – What’s Next?

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) traded down 9.3% on Wednesday . The company traded as low as $20.45 and last traded at $20.18. 34,304 shares were traded during trading, a decline of 68% from the average session volume of 107,902 shares. The stock had previously closed at $22.26.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SGP. HC Wainwright assumed coverage on shares of Spyglass Pharma in a research note on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price target for the company. Wall Street Zen downgraded shares of Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Spyglass Pharma currently has an average rating of “Moderate Buy” and a consensus target price of $45.00.

Spyglass Pharma Stock Performance

The business has a 50 day moving average of $20.96. The firm has a market cap of $640.24 million and a PE ratio of -2.99.

Spyglass Pharma (NASDAQ:SGP) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.02).

Hedge Funds 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 stake in shares of Spyglass Pharma in the 1st quarter valued at about $9,716,000. Affinity Asset Advisors LLC acquired a new position in Spyglass Pharma during the first quarter worth approximately $6,478,000. Monashee Investment Management LLC acquired a new position in Spyglass Pharma during the first quarter worth approximately $2,461,000. Bank of America Corp DE purchased a new stake in Spyglass Pharma in the first quarter valued at approximately $726,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma in the first quarter valued at approximately $308,000.

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).