Eyepoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Up – Time to Buy?

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $9.35. Eyepoint Pharmaceuticals shares last traded at $9.43, with a volume of 96,774 shares traded.

Analysts Set New Price Targets

EYPT has been the topic of several analyst reports. Chardan Capital cut their price target on shares of Eyepoint Pharmaceuticals from $33.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. HC Wainwright restated a “buy” rating and set a $22.00 price target on shares of Eyepoint Pharmaceuticals in a report on Thursday, May 29th. Wall Street Zen upgraded shares of Eyepoint Pharmaceuticals to a “sell” rating in a research note on Friday, March 14th. Mizuho lowered their price target on shares of Eyepoint Pharmaceuticals from $30.00 to $26.00 and set an “outperform” rating on the stock in a research report on Friday, May 16th. Finally, Royal Bank Of Canada initiated coverage on shares of Eyepoint Pharmaceuticals in a research report on Tuesday. They issued an “outperform” rating and a $28.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.67.

Eyepoint Pharmaceuticals Trading Up 1.2%

The stock’s fifty day moving average price is $6.81 and its 200 day moving average price is $6.93. The stock has a market cap of $613.79 million, a P/E ratio of -3.70 and a beta of 1.61.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.65) EPS for the quarter, hitting analysts’ consensus estimates of ($0.65). The firm had revenue of $24.50 million for the quarter, compared to analyst estimates of $8.84 million. Eyepoint Pharmaceuticals had a negative net margin of 261.91% and a negative return on equity of 54.27%. On average, analysts anticipate that Eyepoint Pharmaceuticals, Inc. will post -2.13 earnings per share for the current year.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Suvretta Capital Management LLC boosted its stake in shares of Eyepoint Pharmaceuticals by 31.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,783,091 shares of the company’s stock valued at $50,534,000 after purchasing an additional 1,607,268 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Eyepoint Pharmaceuticals by 7.8% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,200,000 shares of the company’s stock valued at $33,604,000 after purchasing an additional 450,000 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Eyepoint Pharmaceuticals by 3.1% in the 4th quarter. Franklin Resources Inc. now owns 4,137,567 shares of the company’s stock valued at $30,825,000 after purchasing an additional 125,519 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Eyepoint Pharmaceuticals by 10.2% in the 1st quarter. Federated Hermes Inc. now owns 4,085,580 shares of the company’s stock valued at $22,144,000 after purchasing an additional 378,135 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Eyepoint Pharmaceuticals by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 3,834,368 shares of the company’s stock valued at $20,782,000 after purchasing an additional 31,141 shares in the last quarter. 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.