Leerink Partners Initiates Coverage on Spyglass Pharma (NASDAQ:SGP)

Analysts at Leerink Partners began coverage on shares of Spyglass Pharma (NASDAQ:SGP) in a research report issued on Tuesday, Marketbeat.com reports. The firm set an “outperform” rating and a $42.00 price target on the stock. Leerink Partners’ price target points to a potential upside of 57.42% from the stock’s previous close.

Several other brokerages have also recently issued reports on SGP. Stifel Nicolaus initiated coverage on shares of Spyglass Pharma in a research note on Tuesday. They set a “buy” rating and a $42.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Spyglass Pharma in a research note on Tuesday. They issued a “buy” rating and a $62.00 price target on the stock. Finally, Wall Street Zen raised shares of Spyglass Pharma to a “hold” rating in a research note on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $47.00.

Spyglass Pharma Stock Performance

NASDAQ SGP opened at $26.68 on Tuesday. Spyglass Pharma has a 1-year low of $20.16 and a 1-year high of $32.44.

Insider Activity

In other news, Director Ra Capital Management, L.P. purchased 3,690,000 shares of Spyglass Pharma stock in a transaction dated Monday, February 9th. The shares were purchased 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 in the company, valued at $95,463,024. This represents a 162.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at 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).