Spyglass Pharma (NASDAQ:SGP) Stock Falls 4.5% – Here’s Why

Shares of Spyglass Pharma, Inc. (NASDAQ:SGP) traded down 4.5% on Tuesday. The company traded as low as $24.93 and last traded at $24.8110. Approximately 19,056 shares traded hands during trading, a decline of 83% from the average session volume of 109,914 shares. The stock had previously closed at $25.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SGP shares. Weiss Ratings cut shares of Spyglass Pharma from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday. Raymond James Financial began coverage on shares of Spyglass Pharma in a report on Friday, August 14th. They issued an “outperform” rating and a $39.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Spyglass Pharma from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Spyglass Pharma Trading Down 4.4%

The company has a market cap of $829.87 million and a price-to-earnings ratio of -3.55. The stock’s 50 day moving average price is $25.86 and its 200 day moving average price is $23.36.

Spyglass Pharma (NASDAQ:SGP) last released its earnings results on Thursday, August 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, equities analysts expect that Spyglass Pharma, Inc. will post -2.55 earnings per share for the current fiscal year.

Institutional Trading of Spyglass Pharma

Several institutional investors have recently made changes to their positions in SGP. The Manufacturers Life Insurance Company acquired a new stake in shares of Spyglass Pharma during the 1st quarter worth $308,000. Bank of New York Mellon Corp purchased a new stake in Spyglass Pharma during the second quarter valued at about $533,000. Bank of America Corp DE purchased a new stake in Spyglass Pharma during the first quarter valued at about $726,000. Monashee Investment Management LLC acquired a new stake in Spyglass Pharma during the first quarter worth about $2,461,000. Finally, Affinity Asset Advisors LLC purchased a new position in shares of Spyglass Pharma in the 1st quarter worth about $6,478,000.

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.