Spyglass Pharma (NASDAQ:SGP) Cut to “Sell” at Wall Street Zen

Spyglass Pharma (NASDAQ:SGP) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other analysts have also issued reports on the company. Stifel Nicolaus began coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They set a “buy” rating and a $42.00 price objective on the stock. Jefferies Financial Group began coverage on Spyglass Pharma in a research note on Tuesday, March 3rd. They issued a “buy” rating and a $62.00 target price for the company. Citigroup began coverage on Spyglass Pharma in a report on Tuesday, March 3rd. They set a “buy” rating and a $42.00 target price for the company. Zacks Research upgraded Spyglass Pharma to a “hold” rating in a research report on Wednesday, March 4th. Finally, HC Wainwright assumed coverage on shares of Spyglass Pharma in a research report on Tuesday, March 10th. They issued a “buy” rating and a $37.00 price objective for the company. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.00.

Spyglass Pharma Trading Down 10.3%

SGP opened at $22.61 on Friday. Spyglass Pharma has a 12 month low of $20.16 and a 12 month high of $32.44.

Spyglass Pharma (NASDAQ:SGP) last issued its earnings results on Thursday, March 26th. The company reported ($5.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.61) by $0.89.

Insider Activity

In other Spyglass Pharma news, Director Ra Capital Management, L.P. acquired 3,690,000 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were bought at an average price of $16.00 per share, for a total transaction of $59,040,000.00. Following the completion of the transaction, the director owned 5,966,439 shares of the company’s stock, valued at approximately $95,463,024. This represents a 162.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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).