Eyepoint Pharmaceuticals (NASDAQ:EYPT) Shares Up 4.9% – Still a Buy?

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT)’s share price rose 4.9% during mid-day trading on Friday . The stock traded as high as $13.62 and last traded at $13.68. Approximately 198,554 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 1,226,409 shares. The stock had previously closed at $13.04.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Stifel Nicolaus initiated coverage on shares of Eyepoint Pharmaceuticals in a research note on Thursday. They issued a “buy” rating and a $40.00 target price on the stock. Chardan Capital boosted their price target on Eyepoint Pharmaceuticals from $29.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 1st. Cantor Fitzgerald assumed coverage on Eyepoint Pharmaceuticals in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $47.00 price objective on the stock. Royal Bank Of Canada dropped their price objective on Eyepoint Pharmaceuticals from $39.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.75.

Eyepoint Pharmaceuticals Stock Up 2.0%

The stock’s 50 day moving average is $13.26 and its two-hundred day moving average is $14.24. The company has a market capitalization of $1.12 billion, a PE ratio of -3.80 and a beta of 1.73.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.20). Eyepoint Pharmaceuticals had a negative net margin of 3,566.63% and a negative return on equity of 110.54%. The business had revenue of $0.70 million for the quarter, compared to analysts’ expectations of $0.35 million. On average, sell-side analysts predict that Eyepoint Pharmaceuticals, Inc. will post -3.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in 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 buying an additional 9,548 shares during the period. American Century Companies Inc. boosted its position in Eyepoint Pharmaceuticals by 57.8% during 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 in the last quarter. Invesco Ltd. increased its holdings in shares of Eyepoint Pharmaceuticals by 199.8% in the 2nd quarter. Invesco Ltd. now owns 128,772 shares of the company’s stock valued at $1,212,000 after acquiring an additional 85,824 shares during the period. Raymond James Financial Inc. increased its holdings in shares of Eyepoint Pharmaceuticals by 11.0% in the 2nd quarter. Raymond James Financial Inc. now owns 11,900 shares of the company’s stock valued at $112,000 after acquiring an additional 1,177 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Eyepoint Pharmaceuticals by 9.7% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,800,000 shares of the company’s stock worth $63,988,000 after acquiring an additional 600,000 shares in the last quarter. 99.41% of the stock is owned by hedge funds and other institutional investors.

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.