Eyepoint Pharmaceuticals (NASDAQ:EYPT) Stock Price Down 4.7% Following Weak Earnings

Shares of Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT) dropped 4.7% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $17.21 and last traded at $17.45. Approximately 651,042 shares changed hands during trading, a decline of 53% from the average daily volume of 1,392,438 shares. The stock had previously closed at $18.32.

The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.03). The firm had revenue of $0.62 million for the quarter, compared to analyst estimates of $1.01 million. Eyepoint Pharmaceuticals had a negative return on equity of 93.46% and a negative net margin of 739.39%.

Analysts Set New Price Targets

EYPT has been the topic of a number of research reports. TD Cowen upgraded shares of Eyepoint Pharmaceuticals to a “strong-buy” rating in a report on Friday, December 19th. Cantor Fitzgerald upgraded Eyepoint Pharmaceuticals to a “strong-buy” rating in a research note on Tuesday, November 25th. Chardan Capital boosted their target price on Eyepoint Pharmaceuticals from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a research report on Thursday, January 22nd. Finally, HC Wainwright lifted their price objective on Eyepoint Pharmaceuticals from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Eyepoint Pharmaceuticals has an average rating of “Buy” and an average price target of $31.50.

Insider Buying and Selling at Eyepoint Pharmaceuticals

In related news, insider Ramiro Ribeiro sold 42,544 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $17.10, for a total value of $727,502.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.46% of the company’s stock.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its position in shares of Eyepoint Pharmaceuticals by 1,636.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,900 shares of the company’s stock valued at $27,000 after purchasing an additional 2,733 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Eyepoint Pharmaceuticals by 3.6% in the second quarter. Franklin Resources Inc. now owns 4,301,123 shares of the company’s stock valued at $40,474,000 after acquiring an additional 151,262 shares during the period. Rhumbline Advisers grew its position in shares of Eyepoint Pharmaceuticals by 11.0% during the second quarter. Rhumbline Advisers now owns 96,280 shares of the company’s stock worth $906,000 after acquiring an additional 9,548 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Eyepoint Pharmaceuticals by 57.8% in the 2nd quarter. American Century Companies Inc. now owns 67,612 shares of the company’s stock valued at $636,000 after acquiring an additional 24,752 shares during the period. Finally, XTX Topco Ltd raised its position in Eyepoint Pharmaceuticals by 215.4% in the 2nd quarter. XTX Topco Ltd now owns 137,950 shares of the company’s stock valued at $1,298,000 after purchasing an additional 94,210 shares during the last quarter. Hedge funds and other institutional investors own 99.41% of the company’s stock.

Eyepoint Pharmaceuticals Trading Down 0.6%

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -4.96 and a beta of 1.72. The stock’s 50 day moving average is $15.71 and its two-hundred day moving average is $14.32.

Eyepoint Pharmaceuticals Company Profile

Eyepoint Pharmaceuticals, Inc is a biopharmaceutical company focused on the development and commercialization of therapies for the treatment of ocular diseases. The company’s proprietary platform centers on sustained-release formulations designed to improve drug delivery to the posterior segment of the eye, addressing conditions that often require repeated intravitreal injections or intensive topical regimens. Eyepoint’s commercial strategy combines in-house sales and marketing capabilities with targeted partnerships to bring its therapies to ophthalmologists and retina specialists across the United States.

Eyepoint’s lead products include YUTIQ, a fluocinolone acetonide intravitreal implant indicated for the prevention of relapse in non-infectious uveitis affecting the posterior segment of the eye, and DEXYCU, a dexamethasone intraocular suspension approved for postoperative inflammation following ocular surgery.