Citigroup Initiates Coverage on Spyglass Pharma (NASDAQ:SGP)

Investment analysts at Citigroup began coverage on shares of Spyglass Pharma (NASDAQ:SGP) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. Citigroup’s price target suggests a potential upside of 57.42% from the company’s current price.

A number of other brokerages have also issued reports on SGP. Stifel Nicolaus started coverage on shares of Spyglass Pharma in a research report on Tuesday. They issued a “buy” rating and a $42.00 target price for the company. Jefferies Financial Group began coverage on shares of Spyglass Pharma in a research note on Tuesday. They set a “buy” rating and a $62.00 price objective on the stock. Leerink Partners downgraded Spyglass Pharma to a “market perform” rating in a research report on Tuesday. Finally, Wall Street Zen raised Spyglass Pharma to a “hold” rating in a research note on Tuesday, February 17th. Four research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $47.00.

Spyglass Pharma Stock Performance

Shares of NASDAQ:SGP opened at $26.68 on Tuesday. Spyglass Pharma has a 52 week low of $20.16 and a 52 week high of $32.44.

Insider Buying and Selling

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

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).