EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Down 6.4% – Here’s Why

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s stock price traded down 6.4% on Thursday . The stock traded as low as $7.71 and last traded at $7.72. 355,060 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 937,968 shares. The stock had previously closed at $8.25.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Scotiabank initiated coverage on shares of EyePoint Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $18.00 price target for the company. StockNews.com raised EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Jefferies Financial Group assumed coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 target price on the stock. Finally, Chardan Capital raised their price objective on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.71.

EyePoint Pharmaceuticals Trading Down 6.0 %

The stock’s 50 day moving average is $9.81 and its 200 day moving average is $9.21. The stock has a market capitalization of $509.15 million, a price-to-earnings ratio of -3.73 and a beta of 1.45.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EYPT. Essex Investment Management Co. LLC lifted its stake in EyePoint Pharmaceuticals by 234.2% in the 3rd quarter. Essex Investment Management Co. LLC now owns 142,144 shares of the company’s stock valued at $1,136,000 after buying an additional 99,606 shares in the last quarter. Patient Square Capital LP acquired a new stake in shares of EyePoint Pharmaceuticals during the third quarter valued at $10,882,000. Deerfield Management Company L.P. Series C boosted 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 valued at $7,637,000 after acquiring an additional 298,196 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in EyePoint Pharmaceuticals by 842.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock worth $4,143,000 after purchasing an additional 425,717 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in EyePoint Pharmaceuticals by 112.5% in the 2nd quarter. Renaissance Technologies LLC now owns 152,800 shares of the company’s stock valued at $1,329,000 after purchasing an additional 80,900 shares during the last quarter. 99.41% of the stock is 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.