EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 5.9% Higher

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report)'s stock price rose 5.9% on Monday . The company traded as high as $17.84 and last traded at $17.73. Approximately 517,450 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 995,018 shares. The stock had previously closed at $16.75.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EYPT shares. JPMorgan Chase & Co. started coverage on EyePoint Pharmaceuticals in a report on Monday, January 22nd. They issued 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 boosted their target price on shares of EyePoint Pharmaceuticals from $30.00 to $39.00 and gave the company a "buy" rating in a report on Friday, February 16th. Finally, HC Wainwright cut their price target on shares of EyePoint Pharmaceuticals from $35.00 to $33.00 and set a "buy" rating on the stock in a research note on Tuesday, January 16th. One equities research 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

EyePoint Pharmaceuticals Trading Up 5.3 %

The stock has a market capitalization of $878.50 million, a price-to-earnings ratio of -9.63 and a beta of 1.64. The firm has a 50-day moving average of $22.23 and a 200 day moving average of $18.83.

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

Insider Buying and Selling

In other EyePoint Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of the company's stock in a transaction on Thursday, April 18th. The shares were bought at an average cost of $18.03 per share, for a total transaction of $10,489,222.95. Following the acquisition, the insider now directly owns 7,475,000 shares of the company's stock, valued at $134,774,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 13.05% of the company's stock.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several large investors have recently modified their holdings of EYPT. Franklin Resources Inc. boosted its holdings in EyePoint Pharmaceuticals by 11.8% in the fourth quarter. Franklin Resources Inc. now owns 4,640,651 shares of the company's stock worth $107,245,000 after purchasing an additional 488,206 shares during the period. Jennison Associates LLC bought a new stake in shares of EyePoint Pharmaceuticals during the 4th quarter valued at about $24,641,000. Federated Hermes Inc. raised its stake in EyePoint Pharmaceuticals by 194.0% during the fourth quarter. Federated Hermes Inc. now owns 674,824 shares of the company's stock worth $15,595,000 after acquiring an additional 445,289 shares during the period. UBS Group AG raised its stake in EyePoint Pharmaceuticals by 9.0% during the fourth quarter. UBS Group AG now owns 574,169 shares of the company's stock worth $13,269,000 after acquiring an additional 47,321 shares during the period. Finally, First Turn Management LLC bought a new position in EyePoint Pharmaceuticals in the fourth quarter worth about $7,326,000. 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.