EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 7% – What’s Next?

Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) were up 7% on Friday . The stock traded as high as $8.75 and last traded at $8.73. Approximately 110,668 shares traded hands during trading, a decline of 88% from the average daily volume of 935,023 shares. The stock had previously closed at $8.16.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Chardan Capital raised their price target on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Scotiabank assumed coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on shares of EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Jefferies Financial Group assumed coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, StockNews.com upgraded shares of EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, EyePoint Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

EyePoint Pharmaceuticals Trading Up 6.7 %

The stock has a market cap of $594.47 million, a P/E ratio of -4.36 and a beta of 1.45. The business’s 50 day moving average price is $9.81 and its two-hundred day moving average price is $9.30.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EYPT. Essex Investment Management Co. LLC boosted its position in shares of EyePoint Pharmaceuticals by 234.2% during the third quarter. Essex Investment Management Co. LLC now owns 142,144 shares of the company’s stock valued at $1,136,000 after purchasing an additional 99,606 shares in the last quarter. Patient Square Capital LP purchased a new stake in shares of EyePoint Pharmaceuticals in the 3rd quarter worth about $10,882,000. Deerfield Management Company L.P. Series C increased its stake in shares of EyePoint Pharmaceuticals by 51.4% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock worth $7,637,000 after acquiring an additional 298,196 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in EyePoint Pharmaceuticals by 842.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock valued at $4,143,000 after acquiring an additional 425,717 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in EyePoint Pharmaceuticals by 112.5% in the second quarter. Renaissance Technologies LLC now owns 152,800 shares of the company’s stock worth $1,329,000 after purchasing an additional 80,900 shares during the period. 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.