EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading 7% Higher – Time to Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) rose 7% on Friday . The stock traded as high as $8.75 and last traded at $8.73. Approximately 110,668 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 935,023 shares. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

EYPT has been the topic of a number of recent research reports. StockNews.com raised EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. HC Wainwright reissued a “buy” rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday. Jefferies Financial Group initiated coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. Robert W. Baird lowered their target price on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. reduced their price target on shares of EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, EyePoint Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $28.00.

EyePoint Pharmaceuticals Trading Up 6.7 %

The business’s fifty day moving average price is $9.81 and its 200-day moving average price is $9.30. The company has a market capitalization of $594.47 million, a P/E ratio of -4.36 and a beta of 1.45.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in EYPT. China Universal Asset Management Co. Ltd. raised its holdings in shares of EyePoint Pharmaceuticals by 68.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,293 shares of the company’s stock valued at $82,000 after buying an additional 4,172 shares in the last quarter. Greenwich Wealth Management LLC raised its stake in shares of EyePoint Pharmaceuticals by 8.3% during the third quarter. Greenwich Wealth Management LLC now owns 11,700 shares of the company’s stock worth $93,000 after acquiring an additional 900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of EyePoint Pharmaceuticals by 271.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,888 shares of the company’s stock worth $95,000 after acquiring an additional 7,953 shares during the last quarter. Cyndeo Wealth Partners LLC purchased a new stake in shares of EyePoint Pharmaceuticals in the 3rd quarter valued at $100,000. Finally, Arizona State Retirement System grew its holdings in shares of EyePoint Pharmaceuticals by 9.7% during the 2nd quarter. Arizona State Retirement System now owns 13,251 shares of the company’s stock valued at $115,000 after purchasing an additional 1,171 shares during 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.