EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 6.4% Higher – Still a Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) rose 6.4% on Tuesday . The stock traded as high as $9.16 and last traded at $9.13. Approximately 190,757 shares were traded during trading, a decline of 80% from the average daily volume of 934,097 shares. The stock had previously closed at $8.58.

Analyst Ratings Changes

EYPT has been the topic of several recent research reports. HC Wainwright cut their price target on EyePoint Pharmaceuticals from $30.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. StockNews.com upgraded shares of EyePoint Pharmaceuticals to a “sell” rating in a research note on Saturday, September 21st. Robert W. Baird decreased their price objective on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Scotiabank started coverage on EyePoint Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

EyePoint Pharmaceuticals Stock Performance

The company’s 50-day moving average price is $9.78 and its 200 day moving average price is $9.58.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EYPT. Patient Square Capital LP bought a new stake in EyePoint Pharmaceuticals during the third quarter valued at about $10,882,000. RA Capital Management L.P. bought a new position in EyePoint Pharmaceuticals in the 1st quarter worth $19,401,000. Point72 Asset Management L.P. purchased a new position in shares of EyePoint Pharmaceuticals in the second quarter valued at about $5,488,000. Cubist Systematic Strategies LLC boosted its stake in shares of EyePoint Pharmaceuticals by 842.5% in the second quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock worth $4,143,000 after acquiring an additional 425,717 shares during the period. Finally, Vanguard Group Inc. raised its stake in EyePoint Pharmaceuticals by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 2,396,228 shares of the company’s stock valued at $49,530,000 after purchasing an additional 362,168 shares during the period. 99.41% of the stock is currently owned by institutional investors.

About EyePoint Pharmaceuticals

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.