Spyglass Pharma (NASDAQ:SGP) Shares Gap Up – Still a Buy?

Spyglass Pharma, Inc. (NASDAQ:SGP)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $20.88, but opened at $21.80. Spyglass Pharma shares last traded at $21.2550, with a volume of 12,107 shares.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Spyglass Pharma from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Spyglass Pharma Price Performance

The business has a fifty day moving average price of $19.82. The firm has a market cap of $685.04 million and a P/E ratio of -3.20.

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

Hedge Funds Weigh In On Spyglass Pharma

Large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company purchased a new stake in Spyglass Pharma during the first quarter worth $308,000. Bank of America Corp DE bought a new stake in Spyglass Pharma during the 1st quarter valued at $726,000. Monashee Investment Management LLC purchased a new position in shares of Spyglass Pharma in the 1st quarter valued at $2,461,000. Affinity Asset Advisors LLC purchased a new position in shares of Spyglass Pharma in the 1st quarter valued at $6,478,000. Finally, First Light Asset Management LLC bought a new position in shares of Spyglass Pharma in the 1st quarter worth $9,716,000.

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).