EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Down 9.8% – Here’s Why

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares dropped 9.8% on Friday . The stock traded as low as $8.18 and last traded at $8.22. Approximately 489,092 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 832,272 shares. The stock had previously closed at $9.11.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EYPT. Citigroup initiated coverage on shares of EyePoint Pharmaceuticals in a research report on Tuesday. They set a “buy” rating and a $33.00 price target on the stock. Robert W. Baird decreased their price target on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Scotiabank began coverage on EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $18.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $22.00 target price on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Finally, StockNews.com upgraded EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EyePoint Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

EyePoint Pharmaceuticals Stock Down 10.1 %

The firm has a market cap of $558.98 million, a P/E ratio of -4.10 and a beta of 1.49. The business’s 50 day moving average is $8.90 and its 200-day moving average is $8.99.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the company. Essex Investment Management Co. LLC raised its holdings in shares of EyePoint Pharmaceuticals by 234.2% during the third quarter. Essex Investment Management Co. LLC now owns 142,144 shares of the company’s stock valued at $1,136,000 after buying an additional 99,606 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in EyePoint Pharmaceuticals by 5.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 142,763 shares of the company’s stock valued at $1,141,000 after acquiring an additional 7,967 shares in the last quarter. Geode Capital Management LLC boosted its position in EyePoint Pharmaceuticals by 16.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company’s stock worth $9,583,000 after acquiring an additional 166,699 shares during the period. Barclays PLC grew its stake in shares of EyePoint Pharmaceuticals by 410.4% in the third quarter. Barclays PLC now owns 245,045 shares of the company’s stock worth $1,959,000 after purchasing an additional 197,033 shares in the last quarter. Finally, Patient Square Capital LP acquired a new position in shares of EyePoint Pharmaceuticals during the third quarter valued at $10,882,000. 99.41% of the stock is currently owned by 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.