EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Down to $19.74

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $19.74, but opened at $13.89. EyePoint Pharmaceuticals shares last traded at $12.99, with a volume of 4,364,816 shares traded.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EYPT. Capital One Financial reaffirmed an “overweight” rating on shares of EyePoint Pharmaceuticals in a research report on Friday, February 16th. Mizuho decreased their price objective on shares of EyePoint Pharmaceuticals from $39.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. began coverage on shares of EyePoint Pharmaceuticals in a report on Monday, January 22nd. They set an “overweight” rating and a $35.00 target price for the company. Chardan Capital lowered their price target on shares of EyePoint Pharmaceuticals from $39.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, HC Wainwright decreased their target price on EyePoint Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.14.

EyePoint Pharmaceuticals Price Performance

The stock has a 50-day moving average of $20.96 and a 200 day moving average of $19.20. The company has a market cap of $617.15 million, a P/E ratio of -6.49 and a beta of 1.70.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last issued its earnings results on Thursday, March 7th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.27. EyePoint Pharmaceuticals had a negative return on equity of 61.48% and a negative net margin of 153.84%. The firm had revenue of $14.03 million for the quarter, compared to the consensus estimate of $8.71 million. During the same quarter last year, the business posted ($0.61) EPS. Sell-side analysts predict that EyePoint Pharmaceuticals, Inc. will post -1.73 EPS for the current year.

Insider Transactions at EyePoint Pharmaceuticals

In related news, major shareholder Cormorant Asset Management, Lp bought 581,765 shares of the firm’s stock in a transaction on Thursday, April 18th. The shares were purchased at an average price of $18.03 per share, with a total value of $10,489,222.95. Following the completion of the purchase, the insider now owns 7,475,000 shares in the company, valued at approximately $134,774,250. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 13.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Legacy Capital Group California Inc. bought a new position in shares of EyePoint Pharmaceuticals during the 1st quarter worth approximately $699,000. Swiss National Bank bought a new position in EyePoint Pharmaceuticals during the first quarter worth $1,792,000. Essex Investment Management Co. LLC increased its stake in EyePoint Pharmaceuticals by 1.5% in the first quarter. Essex Investment Management Co. LLC now owns 149,819 shares of the company’s stock valued at $3,097,000 after purchasing an additional 2,278 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of EyePoint Pharmaceuticals during the first quarter valued at about $230,000. Finally, Janney Montgomery Scott LLC raised its holdings in shares of EyePoint Pharmaceuticals by 26.5% during the first quarter. Janney Montgomery Scott LLC now owns 18,040 shares of the company’s stock valued at $373,000 after purchasing an additional 3,780 shares during the period. 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.