SpyGlass Pharma (SGP) Reiterated at Buy by Stifel as AVS Acquisition Announced

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."

For an analyst ratings summary and ratings history on SpyGlass Pharma click here. For more ratings news on SpyGlass Pharma click here.

Shares of SpyGlass Pharma closed at $26.50 yesterday.

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