EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 6.1% Higher – Time to Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares traded up 6.1% during trading on Wednesday . The stock traded as high as $8.09 and last traded at $8.10. 150,780 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 779,172 shares. The stock had previously closed at $7.63.

Analyst Ratings Changes

A number of brokerages recently commented on EYPT. Citigroup initiated coverage on EyePoint Pharmaceuticals in a research report on Tuesday, January 7th. They issued a “buy” rating and a $33.00 target price for the company. Chardan Capital upped their target price on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Robert W. Baird cut their target price on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. HC Wainwright restated a “buy” rating and set a $22.00 price target on shares of EyePoint Pharmaceuticals in a research note on Thursday, December 5th. Finally, Scotiabank began coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

EyePoint Pharmaceuticals Stock Down 3.3 %

The company has a 50-day moving average price of $8.17 and a two-hundred day moving average price of $8.94. The stock has a market capitalization of $582.18 million, a P/E ratio of -4.27 and a beta of 1.49.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.06). EyePoint Pharmaceuticals had a negative net margin of 226.57% and a negative return on equity of 43.01%. The firm had revenue of $10.52 million during the quarter, compared to the consensus estimate of $12.35 million. On average, sell-side analysts expect that EyePoint Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in shares of EyePoint Pharmaceuticals by 112.5% in the 2nd quarter. Renaissance Technologies LLC now owns 152,800 shares of the company’s stock valued at $1,329,000 after acquiring an additional 80,900 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in EyePoint Pharmaceuticals by 842.5% in the second quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock valued at $4,143,000 after purchasing an additional 425,717 shares during the last quarter. Deerfield Management Company L.P. Series C boosted its stake in shares of EyePoint Pharmaceuticals by 51.4% during the second quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock valued at $7,637,000 after purchasing an additional 298,196 shares during the period. Perceptive Advisors LLC grew its holdings in shares of EyePoint Pharmaceuticals by 8.6% in the second quarter. Perceptive Advisors LLC now owns 640,274 shares of the company’s stock worth $5,570,000 after purchasing an additional 50,628 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of EyePoint Pharmaceuticals in the second quarter worth $5,488,000. 99.41% of the stock is currently owned by hedge funds and other institutional investors.

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.