EyePoint Pharmaceuticals (NASDAQ:EYPT) Stock Price Down 8.5% - Here's What Happened

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) shares dropped 8.5% during trading on Friday . The company traded as low as $9.58 and last traded at $9.60. Approximately 434,593 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 933,401 shares. The stock had previously closed at $10.49.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on EYPT. HC Wainwright lowered their price target on EyePoint Pharmaceuticals from $30.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday, November 11th. Jefferies Financial Group began coverage on EyePoint Pharmaceuticals in a research note on Wednesday, August 28th. They issued a "buy" rating and a $15.00 target price for the company. Robert W. Baird decreased their price target on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. Chardan Capital lifted their price target on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded shares of EyePoint Pharmaceuticals to a "sell" rating in a report on Saturday, September 21st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, EyePoint Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $28.00.

EyePoint Pharmaceuticals Price Performance

The firm has a market cap of $625.86 million, a P/E ratio of -4.59 and a beta of 1.50. The firm's 50 day moving average is $9.74 and its 200 day moving average is $9.80.

Institutional Trading of EyePoint Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in EYPT. Ameritas Investment Partners Inc. boosted its holdings in EyePoint Pharmaceuticals by 44.0% in the first quarter. Ameritas Investment Partners Inc. now owns 3,719 shares of the company's stock worth $77,000 after acquiring an additional 1,136 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of EyePoint Pharmaceuticals by 68.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,293 shares of the company's stock worth $82,000 after purchasing an additional 4,172 shares during the last quarter. Greenwich Wealth Management LLC boosted its stake in EyePoint Pharmaceuticals by 8.3% in the 3rd quarter. Greenwich Wealth Management LLC now owns 11,700 shares of the company's stock worth $93,000 after purchasing an additional 900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in EyePoint Pharmaceuticals by 271.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,888 shares of the company's stock valued at $95,000 after purchasing an additional 7,953 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new stake in EyePoint Pharmaceuticals during the 3rd quarter valued at about $100,000. 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.