Eyepoint Pharmaceuticals (NASDAQ:EYPT) Hits New 52-Week High on Analyst Upgrade

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT) shares hit a new 52-week high on Wednesday after Cantor Fitzgerald upgraded the stock to a strong-buy rating. The stock traded as high as $14.96 and last traded at $14.8870, with a volume of 446118 shares traded. The stock had previously closed at $14.74.

EYPT has been the topic of a number of other research reports. Chardan Capital reiterated a “buy” rating and issued a $27.00 target price on shares of Eyepoint Pharmaceuticals in a research note on Thursday, August 7th. Mizuho set a $28.00 target price on Eyepoint Pharmaceuticals in a report on Monday, October 20th. HC Wainwright lifted their price objective on Eyepoint Pharmaceuticals from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada raised their target price on shares of Eyepoint Pharmaceuticals from $28.00 to $39.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EYPT. Nisa Investment Advisors LLC raised its stake in Eyepoint Pharmaceuticals by 1,636.5% in the second quarter. Nisa Investment Advisors LLC now owns 2,900 shares of the company’s stock valued at $27,000 after buying an additional 2,733 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Eyepoint Pharmaceuticals in the 3rd quarter valued at approximately $50,000. Russell Investments Group Ltd. acquired a new stake in Eyepoint Pharmaceuticals in the 3rd quarter worth approximately $76,000. Tower Research Capital LLC TRC boosted its stake in Eyepoint Pharmaceuticals by 218.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,700 shares of the company’s stock worth $82,000 after purchasing an additional 5,967 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Eyepoint Pharmaceuticals during the 2nd quarter worth approximately $100,000. 99.41% of the stock is currently owned by hedge funds and other institutional investors.

Eyepoint Pharmaceuticals Stock Performance

The stock’s 50 day simple moving average is $12.82 and its 200-day simple moving average is $10.85. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -5.57 and a beta of 1.85.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.08). The company had revenue of $0.97 million for the quarter, compared to analysts’ expectations of $3.33 million. Eyepoint Pharmaceuticals had a negative net margin of 337.93% and a negative return on equity of 63.80%. On average, analysts expect that Eyepoint Pharmaceuticals, Inc. will post -2.13 EPS for the current fiscal year.

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.