EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 7% Higher – Time to Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s stock price was up 7% during mid-day trading on Friday . The company traded as high as $8.75 and last traded at $8.73. Approximately 110,668 shares changed hands during trading, a decline of 88% from the average daily volume of 935,023 shares. The stock had previously closed at $8.16.

Wall Street Analyst Weigh In

Several research firms recently commented on EYPT. Chardan Capital increased their price objective on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, November 8th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday. Jefferies Financial Group assumed coverage on shares of EyePoint Pharmaceuticals in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Robert W. Baird lowered their price objective on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Scotiabank initiated coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.00.

EyePoint Pharmaceuticals Stock Up 5.8 %

The firm has a market capitalization of $589.00 million, a PE ratio of -4.37 and a beta of 1.45. The stock’s fifty day simple moving average is $9.80 and its 200 day simple moving average is $9.34.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Patient Square Capital LP bought a new stake in EyePoint Pharmaceuticals during the third quarter valued at about $10,882,000. Point72 Asset Management L.P. bought a new stake in EyePoint Pharmaceuticals during the 2nd quarter valued at approximately $5,488,000. Cubist Systematic Strategies LLC raised its stake in EyePoint Pharmaceuticals by 842.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock valued at $4,143,000 after purchasing an additional 425,717 shares during the period. Franklin Resources Inc. lifted its holdings in EyePoint Pharmaceuticals by 9.9% in the 3rd quarter. Franklin Resources Inc. now owns 4,012,048 shares of the company’s stock worth $32,056,000 after purchasing an additional 362,399 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in EyePoint Pharmaceuticals by 17.8% in the 1st quarter. Vanguard Group Inc. now owns 2,396,228 shares of the company’s stock worth $49,530,000 after purchasing an additional 362,168 shares during the period. Hedge funds and other 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.