EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 9.6% – What’s Next?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares were up 9.6% during trading on Monday . The company traded as high as $9.09 and last traded at $9.05. Approximately 246,662 shares changed hands during trading, a decline of 64% from the average daily volume of 688,934 shares. The stock had previously closed at $8.26.

Analyst Ratings Changes

Several equities research analysts recently commented on EYPT shares. Citigroup began coverage on EyePoint Pharmaceuticals in a report on Tuesday. They set a “buy” rating and a $33.00 target price on the stock. Robert W. Baird decreased their target price on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Chardan Capital boosted their price objective on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Scotiabank assumed coverage on EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.63.

EyePoint Pharmaceuticals Stock Performance

The company’s fifty day moving average price is $9.00 and its 200 day moving average price is $8.98. The firm has a market capitalization of $621.77 million, a price-to-earnings ratio of -4.56 and a beta of 1.49.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its position in EyePoint Pharmaceuticals by 9.9% during the 3rd quarter. Franklin Resources Inc. now owns 4,012,048 shares of the company’s stock worth $32,056,000 after acquiring an additional 362,399 shares during the period. Patient Square Capital LP bought a new position in EyePoint Pharmaceuticals in the 3rd quarter valued at about $10,882,000. Geode Capital Management LLC boosted its holdings in shares of EyePoint Pharmaceuticals by 16.1% in the third quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company’s stock valued at $9,583,000 after acquiring an additional 166,699 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in EyePoint Pharmaceuticals by 51.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock worth $7,637,000 after purchasing an additional 298,196 shares during the period. Finally, Fiera Capital Corp lifted its position in EyePoint Pharmaceuticals by 0.9% in the second quarter. Fiera Capital Corp now owns 677,038 shares of the company’s stock worth $5,890,000 after purchasing an additional 5,920 shares during the period. Institutional investors and hedge funds own 99.41% of the company’s stock.

EyePoint Pharmaceuticals Company Profile

EyePoint Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in developing and commercializing therapeutics to improve the lives of patients with serious retinal diseases. The company's pipeline leverages its proprietary bioerodible Durasert E technology for sustained intraocular drug delivery.