EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 6.4% – Here’s Why

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) was up 6.4% during mid-day trading on Tuesday . The stock traded as high as $8.14 and last traded at $8.10. Approximately 299,612 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 936,001 shares. The stock had previously closed at $7.61.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EYPT. Scotiabank started coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 price objective for the company. StockNews.com upgraded EyePoint Pharmaceuticals to a “sell” rating in a research report on Saturday, September 21st. Chardan Capital upped 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. HC Wainwright reissued a “buy” rating and set a $22.00 price objective on shares of EyePoint Pharmaceuticals in a research note on Thursday, December 5th. Finally, Jefferies Financial Group initiated coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price for the company. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.71.

EyePoint Pharmaceuticals Stock Performance

The firm has a market capitalization of $547.37 million, a price-to-earnings ratio of -3.81 and a beta of 1.45. The business has a fifty day moving average price of $9.79 and a 200 day moving average price of $9.16.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Several large investors have recently made changes to their positions in EYPT. Greenwich Wealth Management LLC boosted its stake in shares of EyePoint Pharmaceuticals by 8.3% in the third quarter. Greenwich Wealth Management LLC now owns 11,700 shares of the company’s stock valued at $93,000 after purchasing an additional 900 shares during the period. Arizona State Retirement System boosted its holdings 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 purchasing an additional 1,171 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in EyePoint Pharmaceuticals by 68.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,293 shares of the company’s stock valued at $82,000 after purchasing an additional 4,172 shares in the last quarter. Fiera Capital Corp increased its holdings in EyePoint Pharmaceuticals by 0.9% during the 2nd quarter. Fiera Capital Corp now owns 677,038 shares of the company’s stock worth $5,890,000 after purchasing an additional 5,920 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in EyePoint Pharmaceuticals by 271.0% during the 2nd 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 during the last quarter. 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.