Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price36.95 USD
Fair value42.00
Ethical score70.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-29Read Markup28.48+29.7% to today ✓Distribution gives way to Markup after a 20% rise in 4 days
2026-10-25Read Distribution23.69+56.0% to today Markdown gives way to Distribution
2026-10-18Read Markdown23.69+56.0% to today Distribution gives way to Markdown after a 19% slide in 7 days
2026-10-11Read Distribution29.08+27.1% to today Markdown gives way to Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
SpyGlass Pharma Inc holds its Markup at $36.95. Consolidating, no directional conviction, held for 2 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 2 days
Price at the screen
$36.95
Valuation
N/A trailing · -7.33 forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.37%
Below 33%
Interest-bearing debt is just 1.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
9.56%
Below 33%
Cash held in interest-bearing accounts and securities is 9.6% of assets, under the one-third limit.
Pass
Receivables
83.54%
Below 49%
Money owed to the company is 83.5% of assets, above the 49% limit.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
SpyGlass Pharma's business is fine, but its receivables are about 84% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 19% discount to our $42.00 fair value, none competitive moat.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 12.0% discount to the base estimate.
Where our models see it going: fair-value estimate $42.00, with a range of $37.00 to $62.00, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
Trading at -7.3x forward earnings, with a none competitive moat. That is a 19% discount to our $42.00 fair value: the market is pricing it cautiously while the fundamentals argue otherwise.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; as a biotechnology name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SGP trades on UNKNOWN. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-07Markup$36.95+7.3%Entry 18
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 7.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-05Markup$34.45+0.0%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markup$34.45+6.9%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 6.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markup$32.24+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markup$32.24+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markup$32.24+13.2%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markup$28.48+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markup$28.48+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markup · changed$28.48+20.2%Entry 10
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 20.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (5 analysts) rates it strong buy, with a mean price target of $45.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.