EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Up - Time to Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $8.68, but opened at $9.19. EyePoint Pharmaceuticals shares last traded at $9.40, with a volume of 107,868 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EYPT. Citigroup initiated coverage on EyePoint Pharmaceuticals in a report on Tuesday. They set a "buy" rating and a $33.00 target price for the company. StockNews.com raised shares of EyePoint Pharmaceuticals to a "sell" rating in a research report on Saturday, September 21st. Chardan Capital lifted their target price on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, November 8th. HC Wainwright reissued a "buy" rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a research note on Thursday, December 5th. Finally, Robert W. Baird cut their price objective on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an "outperform" rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and ten have given a buy rating to the company. According to MarketBeat, EyePoint Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $26.63.

EyePoint Pharmaceuticals Stock Performance

The business has a 50-day moving average price of $9.05 and a 200 day moving average price of $8.98. The stock has a market capitalization of $629.27 million, a P/E ratio of -4.61 and a beta of 1.49.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several large investors have recently modified their holdings of EYPT. JPMorgan Chase & Co. raised its holdings in EyePoint Pharmaceuticals by 1,171.3% in the third quarter. JPMorgan Chase & Co. now owns 371,758 shares of the company's stock worth $2,970,000 after buying an additional 342,516 shares during the last quarter. Franklin Resources Inc. lifted its position in EyePoint Pharmaceuticals by 9.9% in the 3rd quarter. Franklin Resources Inc. now owns 4,012,048 shares of the company's stock valued at $32,056,000 after acquiring an additional 362,399 shares in the last quarter. Geode Capital Management LLC boosted its stake in EyePoint Pharmaceuticals by 16.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,199,056 shares of the company's stock valued at $9,583,000 after purchasing an additional 166,699 shares during the last quarter. Barclays PLC increased its holdings in shares of EyePoint Pharmaceuticals by 410.4% in the 3rd quarter. Barclays PLC now owns 245,045 shares of the company's stock worth $1,959,000 after purchasing an additional 197,033 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of EyePoint Pharmaceuticals by 59.4% in the third quarter. Wellington Management Group LLP now owns 171,764 shares of the company's stock worth $1,372,000 after purchasing an additional 64,008 shares during the last quarter. Hedge funds and other institutional investors own 99.41% of the company's stock.

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.