Eyepoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 9.6% on Analyst Upgrade

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares rose 9.6% during mid-day trading on Wednesday after Chardan Capital raised their price target on the stock from $29.00 to $65.00. Chardan Capital currently has a buy rating on the stock. Eyepoint Pharmaceuticals traded as high as $15.92 and last traded at $15.6660. Approximately 296,651 shares were traded during trading, a decline of 75% from the average daily volume of 1,191,670 shares. The stock had previously closed at $14.30.

A number of other research firms also recently issued reports on EYPT. Royal Bank Of Canada reduced their price target on shares of Eyepoint Pharmaceuticals from $39.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a report on Tuesday, April 21st. Guggenheim reaffirmed a “buy” rating and set a $68.00 target price on shares of Eyepoint Pharmaceuticals in a report on Wednesday, June 24th. HC Wainwright increased their price target on Eyepoint Pharmaceuticals from $23.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Finally, Citigroup raised their price target on Eyepoint Pharmaceuticals from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $43.83.

Insider Buying and Selling

In other Eyepoint Pharmaceuticals news, insider Ramiro Ribeiro sold 2,437 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $15.00, for a total value of $36,555.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.13% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in shares of Eyepoint Pharmaceuticals by 11.0% in the second quarter. Rhumbline Advisers now owns 96,280 shares of the company’s stock worth $906,000 after purchasing an additional 9,548 shares in the last quarter. American Century Companies Inc. lifted its holdings in Eyepoint Pharmaceuticals by 57.8% in the second quarter. American Century Companies Inc. now owns 67,612 shares of the company’s stock worth $636,000 after purchasing an additional 24,752 shares during the period. Invesco Ltd. lifted its holdings in Eyepoint Pharmaceuticals by 199.8% in the second quarter. Invesco Ltd. now owns 128,772 shares of the company’s stock worth $1,212,000 after purchasing an additional 85,824 shares during the period. Raymond James Financial Inc. grew its position in 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 buying an additional 1,177 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its position in 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 valued at $63,988,000 after buying an additional 600,000 shares in the last quarter. Institutional investors and hedge funds own 99.41% of the company’s stock.

Eyepoint Pharmaceuticals Stock Performance

The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -4.38 and a beta of 1.72. The company’s 50 day simple moving average is $13.20 and its 200 day simple moving average is $14.53.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.20). Eyepoint Pharmaceuticals had a negative return on equity of 110.54% and a negative net margin of 3,566.63%.The company had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.35 million. Sell-side analysts predict that Eyepoint Pharmaceuticals, Inc. will post -3.09 EPS for the current year.

About Eyepoint Pharmaceuticals

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.