EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 6.4% Higher – Time to Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shot up 6.4% during trading on Tuesday . The company traded as high as $8.14 and last traded at $8.10. 299,612 shares were traded during trading, a decline of 68% from the average session volume of 936,001 shares. The stock had previously closed at $7.61.

Wall Street Analysts Forecast Growth

EYPT has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $22.00 target price on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Jefferies Financial Group started coverage on EyePoint Pharmaceuticals in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. StockNews.com raised EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. Robert W. Baird decreased their target price on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, Scotiabank began coverage on EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.71.

EyePoint Pharmaceuticals Price Performance

The firm’s fifty day moving average price is $9.79 and its 200-day moving average price is $9.16. The company has a market cap of $547.37 million, a price-to-earnings ratio of -3.81 and a beta of 1.45.

Institutional Trading of EyePoint Pharmaceuticals

Several hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of EyePoint Pharmaceuticals during the second quarter worth approximately $664,000. Bank of New York Mellon Corp boosted its position in EyePoint Pharmaceuticals by 32.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 204,892 shares of the company’s stock worth $1,783,000 after acquiring an additional 50,388 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 purchasing an additional 7,953 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of EyePoint Pharmaceuticals by 205.5% in the second quarter. Panagora Asset Management Inc. now owns 120,721 shares of the company’s stock worth $1,050,000 after purchasing an additional 81,201 shares in the last quarter. Finally, Rhumbline Advisers increased 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 period. 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.