EyePoint Pharmaceuticals (NASDAQ:EYPT) Now Covered by Scotiabank

Scotiabank initiated coverage on shares of EyePoint Pharmaceuticals (NASDAQ:EYPT) in a research note issued to investors on Wednesday, MarketBeat reports. The firm set a “sector outperform” rating and a $18.00 price target on the stock. Scotiabank’s price target would indicate a potential upside of 61.43% from the company’s previous close.

A number of other analysts have also issued reports on EYPT. JPMorgan Chase & Co. dropped their target price on EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. StockNews.com raised EyePoint Pharmaceuticals to a “sell” rating in a research report on Saturday, September 21st. Cantor Fitzgerald restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research note on Thursday, June 20th. Jefferies Financial Group began coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of EyePoint Pharmaceuticals in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

EyePoint Pharmaceuticals Stock Performance

EyePoint Pharmaceuticals stock opened at $11.15 on Wednesday. The firm has a market capitalization of $580.74 million, a PE ratio of -6.13 and a beta of 1.57. EyePoint Pharmaceuticals has a one year low of $5.67 and a one year high of $30.99. The stock’s 50 day moving average price is $8.64 and its 200 day moving average price is $11.10.

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

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. grew its holdings in shares of EyePoint Pharmaceuticals by 44.0% during the first quarter. Ameritas Investment Partners Inc. now owns 3,719 shares of the company’s stock valued at $77,000 after purchasing an additional 1,136 shares during the last quarter. Greenwich Wealth Management LLC bought a new position in EyePoint Pharmaceuticals during the 2nd quarter worth $94,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in EyePoint Pharmaceuticals by 271.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,888 shares of the company’s stock worth $95,000 after buying an additional 7,953 shares during the period. Arizona State Retirement System lifted its stake in EyePoint Pharmaceuticals by 9.7% in the second quarter. Arizona State Retirement System now owns 13,251 shares of the company’s stock valued at $115,000 after buying an additional 1,171 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of EyePoint Pharmaceuticals during the first quarter valued at $209,000. Institutional investors and hedge funds own 99.41% of the company’s stock.

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.