Eyepoint Pharmaceuticals (NASDAQ:EYPT) Stock Price Up 4.9% – Here’s Why

Shares of Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shot up 4.9% during trading on Friday . The stock traded as high as $13.62 and last traded at $13.68. 198,554 shares were traded during trading, a decline of 84% from the average session volume of 1,226,409 shares. The stock had previously closed at $13.04.

Wall Street Analysts Forecast Growth

EYPT has been the subject of several recent analyst reports. Royal Bank Of Canada decreased their price objective on shares of Eyepoint Pharmaceuticals from $39.00 to $37.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a research report on Tuesday, April 21st. Stifel Nicolaus assumed coverage on Eyepoint Pharmaceuticals in a report on Thursday. They issued a “buy” rating and a $40.00 target price on the stock. Chardan Capital increased their price objective on Eyepoint Pharmaceuticals from $29.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Finally, Guggenheim reaffirmed a “buy” rating and set a $68.00 target price on shares of Eyepoint Pharmaceuticals in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.75.

Eyepoint Pharmaceuticals Stock Performance

The business’s 50 day moving average price is $13.27 and its 200-day moving average price is $14.25. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -3.88 and a beta of 1.73.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last posted its 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 net margin of 3,566.63% and a negative return on equity of 110.54%. The business had revenue of $0.70 million during the quarter, compared to the consensus estimate of $0.35 million. On average, equities research analysts expect that Eyepoint Pharmaceuticals, Inc. will post -3.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC bought a new position in shares of Eyepoint Pharmaceuticals during the 4th quarter worth approximately $53,658,000. Commodore Capital LP bought a new position in shares of Eyepoint Pharmaceuticals during the first quarter valued at $36,414,000. Paradigm Biocapital Advisors LP bought a new position in shares of Eyepoint Pharmaceuticals during the third quarter valued at $28,556,000. Orbimed Advisors LLC acquired a new stake in shares of Eyepoint Pharmaceuticals in the 3rd quarter valued at $25,575,000. Finally, Suvretta Capital Management LLC grew its holdings in shares of Eyepoint Pharmaceuticals by 26.4% in the 4th quarter. Suvretta Capital Management LLC now owns 7,827,685 shares of the company’s stock worth $143,012,000 after purchasing an additional 1,634,970 shares during the last quarter. 99.41% of the stock is owned by institutional investors and hedge funds.

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.