EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Up 13.6% – Here’s What Happened

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s stock price shot up 13.6% during mid-day trading on Tuesday . The stock traded as high as $7.59 and last traded at $7.39. 316,922 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 834,465 shares. The stock had previously closed at $6.50.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EYPT. Robert W. Baird reduced their price objective 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. Chardan Capital restated a “buy” rating and issued a $33.00 price objective on shares of EyePoint Pharmaceuticals in a research report on Thursday, February 6th. Citigroup began coverage on EyePoint Pharmaceuticals in a research note on Tuesday, January 7th. They issued a “buy” rating and a $33.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $22.00 target price on shares of EyePoint Pharmaceuticals in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

EyePoint Pharmaceuticals Price Performance

The company has a 50-day moving average price of $7.57 and a two-hundred day moving average price of $8.65. The company has a market cap of $446.36 million, a PE ratio of -3.27 and a beta of 1.51.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of EYPT. Cyndeo Wealth Partners LLC purchased a new stake in shares of EyePoint Pharmaceuticals in the third quarter worth about $100,000. China Universal Asset Management Co. Ltd. boosted its holdings in EyePoint Pharmaceuticals by 68.2% in the third 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 during the last quarter. Greenwich Wealth Management LLC boosted its holdings in 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 last quarter. GSA Capital Partners LLP boosted its holdings in EyePoint Pharmaceuticals by 129.6% in the third quarter. GSA Capital Partners LLP now owns 32,979 shares of the company’s stock valued at $264,000 after purchasing an additional 18,616 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in EyePoint Pharmaceuticals in the third quarter valued at about $136,000. 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.