EyePoint Pharmaceuticals (NASDAQ:EYPT) Given New $28.00 Price Target at Chardan Capital

EyePoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) had its price target reduced by Chardan Capital from $39.00 to $28.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Chardan Capital's target price points to a potential upside of 135.89% from the stock's current price.

Several other research firms have also recently weighed in on EYPT. JPMorgan Chase & Co. assumed coverage on EyePoint Pharmaceuticals in a report on Monday, January 22nd. They set an "overweight" rating and a $35.00 price target for the company. Capital One Financial reaffirmed an "overweight" rating on shares of EyePoint Pharmaceuticals in a research note on Friday, February 16th. Mizuho dropped their price objective on shares of EyePoint Pharmaceuticals from $39.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, HC Wainwright decreased their target price on shares of EyePoint Pharmaceuticals from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, January 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $33.50.

EyePoint Pharmaceuticals Stock Performance

Shares of EyePoint Pharmaceuticals stock traded up $0.67 during trading hours on Tuesday, hitting $11.87. The company's stock had a trading volume of 2,515,132 shares, compared to its average volume of 1,122,784. EyePoint Pharmaceuticals has a 12-month low of $5.67 and a 12-month high of $30.99. The business has a 50 day moving average price of $20.96 and a two-hundred day moving average price of $19.20. The company has a market cap of $618.19 million, a PE ratio of -6.49 and a beta of 1.70.

EyePoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.33) EPS for the quarter, topping analysts' consensus estimates of ($0.60) by $0.27. The company had revenue of $14.03 million for the quarter, compared to analysts' expectations of $8.71 million. EyePoint Pharmaceuticals had a negative return on equity of 61.48% and a negative net margin of 153.84%. During the same period in the previous year, the firm earned ($0.61) EPS. As a group, research analysts anticipate that EyePoint Pharmaceuticals will post -1.73 earnings per share for the current year.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of the firm's stock in a transaction on Thursday, April 18th. The stock was acquired at an average price of $18.03 per share, with a total value of $10,489,222.95. Following the completion of the purchase, the insider now directly owns 7,475,000 shares in the company, valued at $134,774,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.05% of the company's stock.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Jennison Associates LLC bought a new position in shares of EyePoint Pharmaceuticals in the fourth quarter worth about $24,641,000. Franklin Resources Inc. increased its position in shares of EyePoint Pharmaceuticals by 11.8% during the fourth quarter. Franklin Resources Inc. now owns 4,640,651 shares of the company's stock worth $107,245,000 after acquiring an additional 488,206 shares during the period. Federated Hermes Inc. raised its stake in shares of EyePoint Pharmaceuticals by 194.0% during the fourth quarter. Federated Hermes Inc. now owns 674,824 shares of the company's stock valued at $15,595,000 after acquiring an additional 445,289 shares in the last quarter. UBS Group AG boosted its holdings in shares of EyePoint Pharmaceuticals by 487.6% in the third quarter. UBS Group AG now owns 526,848 shares of the company's stock valued at $4,210,000 after purchasing an additional 437,190 shares during the period. Finally, First Turn Management LLC bought a new position in EyePoint Pharmaceuticals in the fourth quarter worth approximately $7,326,000. 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.