Stifel analyst Tom Stephan reiterated a Buy rating and $42.00 price target on SpyGlass Pharma (NASDAQ: SGP).

The analyst commented, "Earlier this morning, SGP announced the acquisition of Advanced Vision Science (AVS), a subsidiary of Santen Pharmaceutical and the existing third-party manufacturer of SGP's IOL, for approximately $13M in cash. AVS is the current supplier of SGP's IOL for both of its ph3 registrational trials of the BIM-IOL System, and the deal importantly secures scalable commercial manufacturing capacity. Under the agreement, AVS will remain the exclusive IOL manufacturer/supplier to Santen for Japan commercialization and will continue licensing its glistening-free hydrophobic acrylic lens material to Bausch + Lomb (for the enVista IOL line) and to other global IOL companies. The company reiterated its expectations of sufficient cash runway through 2028."

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Shares of SpyGlass Pharma closed at $26.50 yesterday.