Eyepoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Up - Here's What Happened

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $9.35. Eyepoint Pharmaceuticals shares last traded at $9.43, with a volume of 96,774 shares changing hands.

Wall Street Analysts Forecast Growth

EYPT has been the subject of a number of recent research reports. Chardan Capital reduced their price objective on Eyepoint Pharmaceuticals from $33.00 to $27.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada started coverage on shares of Eyepoint Pharmaceuticals in a research note on Tuesday. They set an "outperform" rating and a $28.00 price objective on the stock. Mizuho lowered their price target on shares of Eyepoint Pharmaceuticals from $30.00 to $26.00 and set an "outperform" rating on the stock in a report on Friday, May 16th. Wall Street Zen raised shares of Eyepoint Pharmaceuticals to a "sell" rating in a report on Friday, March 14th. Finally, HC Wainwright restated a "buy" rating and set a $22.00 target price on shares of Eyepoint Pharmaceuticals in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.67.

Eyepoint Pharmaceuticals Price Performance

The stock has a market capitalization of $579.38 million, a price-to-earnings ratio of -3.49 and a beta of 1.61. The stock has a 50 day moving average price of $6.89 and a 200-day moving average price of $6.93.

Eyepoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share for the quarter, hitting the consensus estimate of ($0.65). The firm had revenue of $24.50 million for the quarter, compared to the consensus estimate of $8.84 million. Eyepoint Pharmaceuticals had a negative net margin of 261.91% and a negative return on equity of 54.27%. As a group, research analysts forecast that Eyepoint Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in shares of Eyepoint Pharmaceuticals by 16.1% during the 4th quarter. Rhumbline Advisers now owns 89,560 shares of the company's stock valued at $667,000 after acquiring an additional 12,443 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Eyepoint Pharmaceuticals by 22.2% during the 4th quarter. Bank of New York Mellon Corp now owns 204,260 shares of the company's stock worth $1,522,000 after buying an additional 37,054 shares during the last quarter. Levin Capital Strategies L.P. raised its position in shares of Eyepoint Pharmaceuticals by 440.0% during the 4th quarter. Levin Capital Strategies L.P. now owns 54,000 shares of the company's stock valued at $402,000 after buying an additional 44,000 shares during the period. Charles Schwab Investment Management Inc. grew its position in Eyepoint Pharmaceuticals by 33.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 191,165 shares of the company's stock worth $1,424,000 after acquiring an additional 48,402 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Eyepoint Pharmaceuticals in the fourth quarter valued at $76,000. Institutional investors and hedge funds own 99.41% of the company's stock.

Eyepoint Pharmaceuticals Company Profile

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.