Spyglass Pharma, Inc.’s Quiet Period Will Expire on March 18th (NASDAQ:SGP)

Spyglass Pharma’s (NASDAQ:SGP) quiet period will end on Wednesday, March 18th. Spyglass Pharma had issued 9,375,000 shares in its initial public offering on February 6th. The total size of the offering was $150,000,000 based on an initial share price of $16.00. During Spyglass Pharma’s quiet period, underwriters and any insiders involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Stifel Nicolaus assumed coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price target for the company. Leerink Partners cut Spyglass Pharma to a “market perform” rating in a report on Tuesday, March 3rd. Zacks Research upgraded shares of Spyglass Pharma to a “hold” rating in a report on Wednesday, March 4th. HC Wainwright assumed coverage on shares of Spyglass Pharma in a research report on Tuesday. They set a “buy” rating and a $37.00 price target on the stock. Finally, Citigroup started coverage on shares of Spyglass Pharma in a research report on Tuesday, March 3rd. They issued a “buy” rating and a $42.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Stock Performance

Shares of NASDAQ:SGP opened at $26.82 on Wednesday. Spyglass Pharma has a one year low of $20.16 and a one year high of $32.44.

Insider Activity

In other news, Director Ra Capital Management, L.P. bought 3,690,000 shares of Spyglass Pharma stock in a transaction dated Monday, February 9th. The shares were acquired at an average cost of $16.00 per share, with a total value of $59,040,000.00. Following the completion of the transaction, the director owned 5,966,439 shares in the company, valued at approximately $95,463,024. This trade represents a 162.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Spyglass Pharma Company Profile

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).