EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Up on Insider Buying Activity

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $11.56, but opened at $12.34. EyePoint Pharmaceuticals shares last traded at $11.83, with a volume of 106,881 shares trading hands.

Specifically, 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 bought at an average cost of $11.86 per share, for a total transaction of $10,081,000.00. Following the completion of the purchase, the insider now directly owns 8,325,000 shares of the company’s stock, valued at $98,734,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 13.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on EYPT shares. HC Wainwright cut their price objective on shares of EyePoint Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, January 16th. Mizuho cut their price target on EyePoint Pharmaceuticals from $39.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird reduced their price objective on shares of EyePoint Pharmaceuticals from $46.00 to $38.00 and set an “outperform” rating for the company in a research report on Wednesday. Capital One Financial reiterated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research note on Friday, February 16th. Finally, JPMorgan Chase & Co. initiated coverage on shares of EyePoint Pharmaceuticals in a report on Monday, January 22nd. They issued an “overweight” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.14.

EyePoint Pharmaceuticals Stock Up 3.1 %

The firm’s 50 day simple moving average is $20.64 and its 200-day simple moving average is $19.14. The company has a market capitalization of $620.84 million, a PE ratio of -6.32 and a beta of 1.70.

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

Institutional Investors Weigh In On EyePoint Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. increased 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 worth $15,595,000 after buying an additional 445,289 shares during the period. Jennison Associates LLC acquired a new stake in shares of EyePoint Pharmaceuticals in the fourth quarter valued at approximately $24,641,000. Barclays PLC raised its holdings in shares of EyePoint Pharmaceuticals by 103.4% during the third quarter. Barclays PLC now owns 45,659 shares of the company’s stock valued at $365,000 after buying an additional 23,208 shares during the last quarter. TD Asset Management Inc bought a new position in EyePoint Pharmaceuticals in the 3rd quarter worth approximately $574,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in EyePoint Pharmaceuticals in the 4th quarter valued at approximately $820,000. 99.41% of the stock is currently owned by institutional investors.

EyePoint Pharmaceuticals Company Profile

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.