EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Sees Significant Growth in Short Interest

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 10,340,000 shares, a growth of 9.9% from the December 15th total of 9,410,000 shares. Based on an average trading volume of 956,300 shares, the short-interest ratio is currently 10.8 days.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Patient Square Capital LP purchased a new position in shares of EyePoint Pharmaceuticals in the 3rd quarter worth about $10,882,000. Point72 Asset Management L.P. purchased a new stake in shares of EyePoint Pharmaceuticals during the 2nd quarter worth approximately $5,488,000. Cubist Systematic Strategies LLC raised its holdings in shares of EyePoint Pharmaceuticals by 842.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock worth $4,143,000 after purchasing an additional 425,717 shares during the period. Franklin Resources Inc. grew its holdings in EyePoint Pharmaceuticals by 9.9% during the third quarter. Franklin Resources Inc. now owns 4,012,048 shares of the company’s stock valued at $32,056,000 after purchasing an additional 362,399 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of EyePoint Pharmaceuticals by 1,171.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 371,758 shares of the company’s stock worth $2,970,000 after acquiring an additional 342,516 shares during the period. 99.41% of the stock is currently owned by hedge funds and other institutional investors.

EyePoint Pharmaceuticals Price Performance

Shares of EYPT stock traded up $0.21 during trading hours on Monday, reaching $7.48. The company had a trading volume of 564,887 shares, compared to its average volume of 778,205. The business has a fifty day simple moving average of $8.40 and a 200-day simple moving average of $8.96. EyePoint Pharmaceuticals has a 12 month low of $6.90 and a 12 month high of $30.99. The company has a market cap of $510.51 million, a price-to-earnings ratio of -3.74 and a beta of 1.49.

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.