EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 6.4% Higher – What’s Next?

Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) were up 6.4% during trading on Tuesday . The stock traded as high as $9.16 and last traded at $9.13. Approximately 190,757 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 934,097 shares. The stock had previously closed at $8.58.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on EYPT shares. Robert W. Baird cut their price objective on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Scotiabank began coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 price objective for the company. HC Wainwright lowered their price objective on EyePoint Pharmaceuticals from $30.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, November 11th. StockNews.com upgraded EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. Finally, Jefferies Financial Group assumed coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.00.

EyePoint Pharmaceuticals Stock Performance

The stock’s 50 day moving average price is $9.78 and its 200-day moving average price is $9.58.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of EyePoint Pharmaceuticals by 17.8% during the first quarter. Vanguard Group Inc. now owns 2,396,228 shares of the company’s stock valued at $49,530,000 after buying an additional 362,168 shares during the last quarter. Patient Square Capital LP acquired a new stake in shares of EyePoint Pharmaceuticals in the 3rd quarter worth $10,882,000. Geode Capital Management LLC increased its position in EyePoint Pharmaceuticals by 16.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company’s stock valued at $9,583,000 after buying an additional 166,699 shares in the last quarter. RA Capital Management L.P. acquired a new stake in EyePoint Pharmaceuticals in the first quarter worth about $19,401,000. Finally, Deerfield Management Company L.P. Series C grew its stake in shares of EyePoint Pharmaceuticals by 51.4% during the second quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock worth $7,637,000 after acquiring an additional 298,196 shares during the last quarter. 99.41% of the stock is currently owned by hedge funds and other institutional investors.

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.