EyePoint Pharmaceuticals (NASDAQ:EYPT) Given Buy Rating at Chardan Capital

EyePoint Pharmaceuticals (NASDAQ:EYPT)‘s stock had its “buy” rating reissued by Chardan Capital in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $28.00 price objective on the stock. Chardan Capital’s price target would suggest a potential upside of 220.00% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research report on Thursday, June 20th. StockNews.com downgraded EyePoint Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday. JPMorgan Chase & Co. cut their target price on shares of EyePoint Pharmaceuticals from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Robert W. Baird lowered their price target on shares of EyePoint Pharmaceuticals from $46.00 to $38.00 and set an “outperform” rating for the company in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, EyePoint Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $33.29.

EyePoint Pharmaceuticals Price Performance

Shares of NASDAQ:EYPT opened at $8.75 on Friday. EyePoint Pharmaceuticals has a fifty-two week low of $5.67 and a fifty-two week high of $30.99. The stock has a market capitalization of $455.70 million, a price-to-earnings ratio of -4.81 and a beta of 1.59. The business’s fifty day moving average price is $11.97 and its two-hundred day moving average price is $19.54.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.21). EyePoint Pharmaceuticals had a negative return on equity of 49.94% and a negative net margin of 157.77%. The business had revenue of $11.68 million during the quarter, compared to analyst estimates of $12.50 million. Research analysts expect that EyePoint Pharmaceuticals will post -2.21 EPS for the current fiscal year.

Insider Activity at EyePoint Pharmaceuticals

In related news, major shareholder Cormorant Asset Management, Lp purchased 581,765 shares of EyePoint Pharmaceuticals stock in a transaction on Thursday, April 18th. The stock was acquired at an average cost of $18.03 per share, for a total transaction of $10,489,222.95. Following the completion of the acquisition, the insider now owns 7,475,000 shares of the company’s stock, valued at approximately $134,774,250. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director David R. Guyer sold 11,625 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $12.65, for a total transaction of $147,056.25. Following the completion of the sale, the director now owns 5,550 shares in the company, valued at $70,207.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Cormorant Asset Management, Lp purchased 581,765 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was bought at an average cost of $18.03 per share, with a total value of $10,489,222.95. Following the completion of the transaction, the insider now directly owns 7,475,000 shares in the company, valued at approximately $134,774,250. The disclosure for this purchase can be found here. 4.74% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in shares of EyePoint Pharmaceuticals by 11.8% during the 4th quarter. Franklin Resources Inc. now owns 4,640,651 shares of the company’s stock worth $107,245,000 after buying an additional 488,206 shares in the last quarter. Vanguard Group Inc. lifted its holdings in EyePoint Pharmaceuticals by 17.8% during the first quarter. Vanguard Group Inc. now owns 2,396,228 shares of the company’s stock worth $49,530,000 after acquiring an additional 362,168 shares during the period. Jennison Associates LLC purchased a new position in EyePoint Pharmaceuticals in the fourth quarter worth $24,641,000. RA Capital Management L.P. bought a new position in EyePoint Pharmaceuticals in the 1st quarter valued at $19,401,000. Finally, Federated Hermes Inc. increased its position in shares of EyePoint Pharmaceuticals by 194.0% during the 4th quarter. Federated Hermes Inc. now owns 674,824 shares of the company’s stock valued at $15,595,000 after purchasing an additional 445,289 shares during the last quarter. 99.41% of the stock is currently owned by hedge funds and other institutional investors.

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.