Eyepoint Pharmaceuticals (NASDAQ:EYPT) Shares Down 6.5% - Here's What Happened

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) shares fell 6.5% on Friday . The company traded as low as $10.35 and last traded at $10.34. 515,139 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 821,591 shares. The stock had previously closed at $11.06.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EYPT. Chardan Capital dropped their target price on shares of Eyepoint Pharmaceuticals from $33.00 to $27.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. HC Wainwright reiterated a "buy" rating and issued a $22.00 target price on shares of Eyepoint Pharmaceuticals in a research note on Thursday, May 29th. Mizuho decreased their target price on Eyepoint Pharmaceuticals from $30.00 to $26.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. Finally, Royal Bank Of Canada initiated coverage on Eyepoint Pharmaceuticals in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $28.00 target price for the company. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $25.67.

Eyepoint Pharmaceuticals Trading Down 1.8%

The firm has a fifty day moving average of $8.01 and a two-hundred day moving average of $7.13. The company has a market cap of $699.81 million, a PE ratio of -4.22 and a beta of 1.67.

Eyepoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share for the quarter, meeting the consensus estimate of ($0.65). The company had revenue of $24.50 million during the quarter, compared to analysts' expectations of $8.84 million. Eyepoint Pharmaceuticals had a negative return on equity of 54.27% and a negative net margin of 261.91%. Sell-side analysts expect that Eyepoint Pharmaceuticals, Inc. will post -2.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Summit Investment Advisors Inc. grew its position in shares of Eyepoint Pharmaceuticals by 39.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,838 shares of the company's stock valued at $51,000 after purchasing an additional 1,940 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Eyepoint Pharmaceuticals by 3,174.4% in the first quarter. GAMMA Investing LLC now owns 10,249 shares of the company's stock valued at $56,000 after purchasing an additional 9,936 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Eyepoint Pharmaceuticals in the fourth quarter valued at $59,000. Virtus ETF Advisers LLC purchased a new position in shares of Eyepoint Pharmaceuticals in the fourth quarter valued at $67,000. Finally, AlphaQuest LLC grew its position in shares of Eyepoint Pharmaceuticals by 13,246.6% in the fourth quarter. AlphaQuest LLC now owns 9,743 shares of the company's stock valued at $73,000 after purchasing an additional 9,670 shares in 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.