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

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

Wall Street Analysts Forecast Growth

EYPT has been the subject of several recent analyst reports. Royal Bank Of Canada began coverage on Eyepoint Pharmaceuticals in a research note on Tuesday, June 17th. They set an "outperform" rating and a $28.00 target price for the company. Mizuho reduced their price target on shares of Eyepoint Pharmaceuticals from $30.00 to $26.00 and set an "outperform" rating on the stock in a research report on Friday, May 16th. Chardan Capital reduced their price target on shares of Eyepoint Pharmaceuticals from $33.00 to $27.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $22.00 target price on shares of Eyepoint Pharmaceuticals in a report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $25.67.

Eyepoint Pharmaceuticals Price Performance

The stock has a fifty day moving average price of $8.01 and a two-hundred day moving average price of $7.14. The company has a market cap of $712.87 million, a P/E ratio of -4.30 and a beta of 1.67.

Eyepoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.65). The company had revenue of $24.50 million for 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%. As a group, analysts forecast that Eyepoint Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Institutional Investors Weigh In On Eyepoint Pharmaceuticals

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