EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Down to $19.74

Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) gapped down before the market opened on Monday . The stock had previously closed at $19.74, but opened at $13.89. EyePoint Pharmaceuticals shares last traded at $12.99, with a volume of 4,364,816 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. HC Wainwright dropped their target price on shares of EyePoint Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, January 16th. JPMorgan Chase & Co. began coverage on EyePoint Pharmaceuticals in a report on Monday, January 22nd. They issued an “overweight” rating and a $35.00 target price for the company. Capital One Financial restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research note on Friday, February 16th. Finally, Mizuho increased their price objective on EyePoint Pharmaceuticals from $30.00 to $39.00 and gave the company a “buy” rating in a report on Friday, February 16th. One analyst has rated the stock with a hold rating and six have given 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 $34.00.

EyePoint Pharmaceuticals Price Performance

The company has a 50 day moving average price of $21.60 and a 200 day moving average price of $19.14. The firm has a market cap of $583.30 million, a PE ratio of -6.10 and a beta of 1.70.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last released its earnings results on Thursday, March 7th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.27. EyePoint Pharmaceuticals had a negative net margin of 153.84% and a negative return on equity of 61.48%. The company had revenue of $14.03 million during the quarter, compared to analysts’ expectations of $8.71 million. During the same quarter last year, the business earned ($0.61) EPS. On average, equities analysts anticipate that EyePoint Pharmaceuticals, Inc. will post -1.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other EyePoint Pharmaceuticals news, major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was purchased at an average price of $18.03 per share, for a total transaction of $10,489,222.95. Following the completion of the transaction, the insider now owns 7,475,000 shares of the company’s stock, valued at approximately $134,774,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 13.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Essex Investment Management Co. LLC grew its holdings in EyePoint Pharmaceuticals by 1.5% during the 1st quarter. Essex Investment Management Co. LLC now owns 149,819 shares of the company’s stock valued at $3,097,000 after buying an additional 2,278 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in EyePoint Pharmaceuticals during the 1st quarter worth about $230,000. Janney Montgomery Scott LLC lifted its holdings in EyePoint Pharmaceuticals by 26.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,040 shares of the company’s stock valued at $373,000 after purchasing an additional 3,780 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in EyePoint Pharmaceuticals by 129.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 9,393 shares of the company’s stock valued at $194,000 after purchasing an additional 5,308 shares in the last quarter. Finally, Woodstock Corp boosted its stake in shares of EyePoint Pharmaceuticals by 38.3% during the 1st quarter. Woodstock Corp now owns 30,778 shares of the company’s stock worth $636,000 after purchasing an additional 8,525 shares during the last quarter. 99.41% of the stock is 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.