Eyepoint Pharmaceuticals (NASDAQ:EYPT) Shares Down 8.2% - Here's What Happened

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) traded down 8.2% during mid-day trading on Thursday . The stock traded as low as $9.80 and last traded at $9.68. 219,776 shares were traded during mid-day trading, a decline of 73% from the average session volume of 815,616 shares. The stock had previously closed at $10.54.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Chardan Capital lowered their target price 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. HC Wainwright restated a "buy" rating and issued a $22.00 target price on shares of Eyepoint Pharmaceuticals in a research note on Thursday, May 29th. Mizuho lowered their price target on shares of Eyepoint Pharmaceuticals from $30.00 to $26.00 and set an "outperform" rating for the company in a report on Friday, May 16th. Royal Bank Of Canada began coverage on shares of Eyepoint Pharmaceuticals in a report on Tuesday, June 17th. They issued an "outperform" rating and a $28.00 price objective on the stock. Finally, Wall Street Zen raised shares of Eyepoint Pharmaceuticals to a "sell" rating in a research report on Friday, March 14th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.67.

Eyepoint Pharmaceuticals Stock Performance

The firm has a market cap of $663.47 million, a price-to-earnings ratio of -4.00 and a beta of 1.61. The business's 50 day moving average price is $7.27 and its 200-day moving average price is $6.96.

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

Institutional Investors Weigh In On Eyepoint Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in EYPT. Summit Investment Advisors Inc. increased its stake in 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 purchasing an additional 1,940 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Eyepoint Pharmaceuticals by 3,174.4% in the 1st quarter. GAMMA Investing LLC now owns 10,249 shares of the company's stock valued at $56,000 after buying an additional 9,936 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Eyepoint Pharmaceuticals during the 4th quarter valued at about $59,000. Virtus ETF Advisers LLC acquired a new stake in Eyepoint Pharmaceuticals during the fourth quarter worth about $67,000. Finally, AlphaQuest LLC lifted its holdings in Eyepoint Pharmaceuticals by 13,246.6% in the fourth quarter. AlphaQuest LLC now owns 9,743 shares of the company's stock worth $73,000 after acquiring an additional 9,670 shares during the last quarter. 99.41% of the stock is owned by institutional investors and hedge funds.

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.