EyePoint Pharmaceuticals (NASDAQ:EYPT) Stock Price Up 13.6% – Here’s Why

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) was up 13.6% during mid-day trading on Tuesday . The company traded as high as $7.59 and last traded at $7.39. Approximately 316,922 shares changed hands during trading, a decline of 62% from the average daily volume of 834,465 shares. The stock had previously closed at $6.50.

Analyst Ratings Changes

A number of analysts have recently issued reports on EYPT shares. Robert W. Baird dropped their price objective on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Monday, November 11th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price objective on shares of EyePoint Pharmaceuticals in a report on Thursday, December 5th. Citigroup started coverage on shares of EyePoint Pharmaceuticals in a report on Tuesday, January 7th. They set a “buy” rating and a $33.00 price objective for the company. Finally, Chardan Capital reaffirmed a “buy” rating and set a $33.00 price objective on shares of EyePoint Pharmaceuticals in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, EyePoint Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $26.63.

EyePoint Pharmaceuticals Price Performance

The firm’s 50 day moving average price is $7.54 and its 200-day moving average price is $8.63. The stock has a market cap of $433.39 million, a P/E ratio of -3.18 and a beta of 1.51.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of EyePoint Pharmaceuticals by 16.1% in the third quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company’s stock worth $9,583,000 after buying an additional 166,699 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in EyePoint Pharmaceuticals by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 142,763 shares of the company’s stock valued at $1,141,000 after purchasing an additional 7,967 shares during the period. Barclays PLC lifted its position in EyePoint Pharmaceuticals by 410.4% during the third quarter. Barclays PLC now owns 245,045 shares of the company’s stock valued at $1,959,000 after purchasing an additional 197,033 shares during the period. JPMorgan Chase & Co. lifted its position in EyePoint Pharmaceuticals by 1,171.3% during the third quarter. JPMorgan Chase & Co. now owns 371,758 shares of the company’s stock valued at $2,970,000 after purchasing an additional 342,516 shares during the period. Finally, Franklin Resources Inc. lifted its position in EyePoint Pharmaceuticals by 9.9% during the third quarter. Franklin Resources Inc. now owns 4,012,048 shares of the company’s stock valued at $32,056,000 after purchasing an additional 362,399 shares during the period. 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.