Chardan Capital Reaffirms Buy Rating for EyePoint Pharmaceuticals (NASDAQ:EYPT)

Chardan Capital reiterated their buy rating on shares of EyePoint Pharmaceuticals (NASDAQ:EYPT) in a research note published on Friday morning, Benzinga reports. The firm currently has a $28.00 target price on the stock.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald reiterated an overweight rating on shares of EyePoint Pharmaceuticals in a research note on Thursday, June 20th. Mizuho decreased their price objective on shares of EyePoint Pharmaceuticals from $39.00 to $30.00 and set a buy rating for the company in a report on Tuesday, May 7th. HC Wainwright reissued a buy rating and set a $30.00 target price on shares of EyePoint Pharmaceuticals in a research report on Thursday. Robert W. Baird decreased their price target on EyePoint Pharmaceuticals from $46.00 to $38.00 and set an outperform rating for the company in a research note on Wednesday, May 8th. Finally, StockNews.com downgraded EyePoint Pharmaceuticals from a hold rating to a sell rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EyePoint Pharmaceuticals currently has an average rating of Moderate Buy and an average price target of $33.29.

EyePoint Pharmaceuticals Stock Down 0.6 %

EyePoint Pharmaceuticals stock opened at $8.70 on Friday. EyePoint Pharmaceuticals has a 12 month low of $5.67 and a 12 month high of $30.99. The stock has a market cap of $453.10 million, a P/E ratio of -4.78 and a beta of 1.59. The company’s fifty day simple moving average is $11.79 and its 200-day simple moving average is $19.46.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last issued its earnings results on Wednesday, May 8th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.21). EyePoint Pharmaceuticals had a negative net margin of 157.77% and a negative return on equity of 49.94%. The firm had revenue of $11.68 million during the quarter, compared to analysts’ expectations of $12.50 million. On average, equities research analysts expect that EyePoint Pharmaceuticals will post -2.21 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Cormorant Asset Management, Lp bought 850,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were acquired at an average price of $11.86 per share, with a total value of $10,081,000.00. Following the completion of the transaction, the insider now owns 8,325,000 shares of the company’s stock, valued at approximately $98,734,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director David R. Guyer sold 11,625 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $12.65, for a total value of $147,056.25. Following the completion of the transaction, the director now directly owns 5,550 shares in the company, valued at $70,207.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cormorant Asset Management, Lp purchased 850,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were acquired at an average price of $11.86 per share, for a total transaction of $10,081,000.00. Following the purchase, the insider now directly owns 8,325,000 shares of the company’s stock, valued at $98,734,500. The disclosure for this purchase can be found here. 4.74% of the stock is owned by company insiders.

Institutional Trading of EyePoint Pharmaceuticals

Several institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its stake in 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 purchasing an additional 488,206 shares during the period. Federated Hermes Inc. grew its position in EyePoint Pharmaceuticals by 194.0% in 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 during the period. Jennison Associates LLC acquired a new position in EyePoint Pharmaceuticals during the fourth quarter worth $24,641,000. Ghisallo Capital Management LLC acquired a new position in EyePoint Pharmaceuticals during the fourth quarter worth $2,511,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of EyePoint Pharmaceuticals during the fourth quarter valued at $3,166,000. 99.41% of the stock is currently 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.