EyePoint Pharmaceuticals (NASDAQ:EYPT) Stock Price Up 6.1% – Should You Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s share price shot up 6.1% during mid-day trading on Wednesday . The company traded as high as $8.09 and last traded at $8.10. 150,780 shares changed hands during 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 equities research analysts have recently weighed in on the stock. Citigroup initiated coverage on shares of EyePoint Pharmaceuticals in a research note on Tuesday, January 7th. They set a “buy” rating and a $33.00 target price on the stock. Scotiabank began coverage on EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $18.00 target price for the company. Robert W. Baird dropped their price target on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of EyePoint Pharmaceuticals in a report on Thursday, December 5th. Finally, Chardan Capital boosted their target price on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. According to MarketBeat, EyePoint Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $26.63.

EyePoint Pharmaceuticals Price Performance

The firm’s 50 day moving average price is $8.24 and its 200-day moving average price is $8.95. The stock has a market cap of $566.82 million, a P/E ratio of -4.15 and a beta of 1.49.

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

Hedge Funds Weigh In On EyePoint Pharmaceuticals

A number of hedge funds have recently bought and sold shares of EYPT. Rhumbline Advisers raised its holdings in shares of EyePoint Pharmaceuticals by 32.6% during the second quarter. Rhumbline Advisers now owns 76,833 shares of the company’s stock valued at $668,000 after purchasing an additional 18,897 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of EyePoint Pharmaceuticals by 112.5% during the 2nd quarter. Renaissance Technologies LLC now owns 152,800 shares of the company’s stock valued at $1,329,000 after buying an additional 80,900 shares during the period. Cubist Systematic Strategies LLC boosted its stake 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 buying an additional 425,717 shares during the last quarter. Deerfield Management Company L.P. Series C grew its holdings in shares of EyePoint Pharmaceuticals by 51.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock worth $7,637,000 after acquiring an additional 298,196 shares during the period. Finally, Perceptive Advisors LLC increased its position in EyePoint Pharmaceuticals by 8.6% during the second quarter. Perceptive Advisors LLC now owns 640,274 shares of the company’s stock valued at $5,570,000 after acquiring an additional 50,628 shares during the last quarter. Hedge funds and other institutional investors 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.