EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Sees Large Decline in Short Interest

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) was the target of a significant decline in short interest in May. As of May 15th, there was short interest totalling 7,210,000 shares, a decline of 28.4% from the April 30th total of 10,070,000 shares. Based on an average daily trading volume, of 782,200 shares, the days-to-cover ratio is currently 9.2 days. Approximately 11.1% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EYPT. Mizuho lowered their price objective 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. Chardan Capital lowered their price target on EyePoint Pharmaceuticals from $33.00 to $27.00 and set a "buy" rating for the company in a report on Thursday, May 8th. HC Wainwright reaffirmed a "buy" rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday, May 29th. Finally, Wall Street Zen raised EyePoint Pharmaceuticals to a "sell" rating in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $25.38.

EyePoint Pharmaceuticals Stock Performance

NASDAQ EYPT traded up $0.05 on Thursday, reaching $8.25. The stock had a trading volume of 466,704 shares, compared to its average volume of 817,900. EyePoint Pharmaceuticals has a 12-month low of $3.91 and a 12-month high of $13.99. The business's 50-day moving average price is $5.98 and its 200 day moving average price is $6.93. The stock has a market cap of $567.69 million, a P/E ratio of -4.13 and a beta of 1.58.

EyePoint Pharmaceuticals (NASDAQ:EYPT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.65) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.65). EyePoint Pharmaceuticals had a negative return on equity of 43.01% and a negative net margin of 226.57%. The company had revenue of $24.50 million during the quarter, compared to analysts' expectations of $8.84 million. On average, sell-side analysts predict that EyePoint Pharmaceuticals will post -2.13 earnings per share for the current year.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its stake in shares of EyePoint Pharmaceuticals by 3.8% during the fourth quarter. California State Teachers Retirement System now owns 48,614 shares of the company's stock worth $362,000 after purchasing an additional 1,797 shares during the last quarter. Arizona State Retirement System raised its stake in shares of EyePoint Pharmaceuticals by 12.7% during the first quarter. Arizona State Retirement System now owns 16,600 shares of the company's stock worth $90,000 after purchasing an additional 1,877 shares during the last quarter. Legal & General Group Plc raised its stake in shares of EyePoint Pharmaceuticals by 4.4% during the fourth quarter. Legal & General Group Plc now owns 46,263 shares of the company's stock worth $345,000 after purchasing an additional 1,932 shares during the last quarter. Summit Investment Advisors Inc. raised 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 worth $51,000 after purchasing an additional 1,940 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of EyePoint Pharmaceuticals by 16.1% during the fourth quarter. Invesco Ltd. now owns 15,657 shares of the company's stock worth $117,000 after purchasing an additional 2,177 shares during the last quarter. Hedge funds and other 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.