EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Down 6.5% – What’s Next?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares traded down 6.5% during mid-day trading on Tuesday . The stock traded as low as $11.24 and last traded at $11.33. 727,692 shares were traded during mid-day trading, a decline of 21% from the average session volume of 923,944 shares. The stock had previously closed at $12.12.

Wall Street Analyst Weigh In

Several analysts have recently commented on EYPT shares. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of EyePoint Pharmaceuticals in a research report on Friday, October 25th. Scotiabank started 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 target for the company. Jefferies Financial Group assumed coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $28.00 target price on shares of EyePoint Pharmaceuticals in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.00.

EyePoint Pharmaceuticals Stock Performance

The company has a market capitalization of $629.40 million, a P/E ratio of -6.57 and a beta of 1.57. The stock has a 50 day moving average price of $9.11 and a 200 day moving average price of $10.37.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last released its earnings results on Wednesday, August 7th. The company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.03). The company had revenue of $9.48 million during the quarter, compared to analysts’ expectations of $11.61 million. EyePoint Pharmaceuticals had a negative net margin of 172.29% and a negative return on equity of 43.24%. As a group, sell-side analysts expect that EyePoint Pharmaceuticals, Inc. will post -2.33 earnings per share for the current year.

Institutional Trading of EyePoint Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. purchased a new stake in EyePoint Pharmaceuticals in the 1st quarter worth about $19,401,000. Point72 Asset Management L.P. bought a new position in EyePoint Pharmaceuticals during the second quarter worth about $5,488,000. Cubist Systematic Strategies LLC raised its position 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 valued at $4,143,000 after purchasing an additional 425,717 shares during the period. Vanguard Group Inc. raised its position in shares of EyePoint Pharmaceuticals by 17.8% in the first 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. Finally, Deerfield Management Company L.P. Series C lifted its stake in shares of EyePoint Pharmaceuticals by 51.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock valued at $7,637,000 after buying an additional 298,196 shares in the last quarter. 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.