EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Down 9.8% – What’s Next?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) was down 9.8% during mid-day trading on Friday . The company traded as low as $8.18 and last traded at $8.22. Approximately 489,092 shares changed hands during trading, a decline of 41% from the average daily volume of 832,272 shares. The stock had previously closed at $9.11.

Analyst Ratings Changes

EYPT has been the subject of several analyst reports. HC Wainwright reiterated a “buy” rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a report on Thursday, December 5th. Citigroup assumed coverage on EyePoint Pharmaceuticals in a research note on Tuesday, January 7th. They issued a “buy” rating and a $33.00 target price for the company. Robert W. Baird decreased their price target on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. StockNews.com raised shares of EyePoint Pharmaceuticals to a “sell” rating in a research note on Saturday, September 21st. Finally, Chardan Capital raised their target price on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.63.

EyePoint Pharmaceuticals Stock Down 8.5 %

The firm’s 50 day simple moving average is $8.83 and its 200-day simple moving average is $8.99. The company has a market capitalization of $569.21 million, a PE ratio of -4.17 and a beta of 1.49.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC raised its holdings in shares of EyePoint Pharmaceuticals by 234.2% during the 3rd quarter. Essex Investment Management Co. LLC now owns 142,144 shares of the company’s stock valued at $1,136,000 after buying an additional 99,606 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of EyePoint Pharmaceuticals by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 142,763 shares of the company’s stock valued at $1,141,000 after purchasing an additional 7,967 shares during the period. Geode Capital Management LLC lifted its position in shares of EyePoint Pharmaceuticals by 16.1% during the third quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company’s stock worth $9,583,000 after purchasing an additional 166,699 shares in the last quarter. Barclays PLC boosted its stake in shares of EyePoint Pharmaceuticals by 410.4% in the third quarter. Barclays PLC now owns 245,045 shares of the company’s stock valued at $1,959,000 after purchasing an additional 197,033 shares during the period. Finally, Patient Square Capital LP acquired a new stake in EyePoint Pharmaceuticals during the 3rd quarter valued at $10,882,000. 99.41% of the stock is owned by hedge funds and other institutional investors.

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.