EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 3.4% - Here's What Happened

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report) shares were up 3.4% on Thursday . The company traded as high as $8.14 and last traded at $7.95. Approximately 103,351 shares traded hands during trading, a decline of 87% from the average daily volume of 771,834 shares. The stock had previously closed at $7.69.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Scotiabank initiated coverage on shares of EyePoint Pharmaceuticals in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $18.00 price target on the stock. Chardan Capital boosted their target price on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Citigroup initiated coverage on EyePoint Pharmaceuticals in a research report on Tuesday, January 7th. They set a "buy" rating and a $33.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $22.00 price objective on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Finally, StockNews.com upgraded EyePoint Pharmaceuticals to a "sell" rating in a research note on Saturday, September 21st. One equities research analyst has rated the stock with a sell rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $26.63.

EyePoint Pharmaceuticals Trading Up 2.9 %

The stock has a market cap of $510.51 million, a PE ratio of -3.74 and a beta of 1.49. The business has a 50-day moving average price of $8.40 and a 200 day moving average price of $8.95.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several large investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its stake in shares of EyePoint Pharmaceuticals by 68.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,293 shares of the company's stock valued at $82,000 after buying an additional 4,172 shares in the last quarter. Greenwich Wealth Management LLC raised its holdings in EyePoint Pharmaceuticals by 8.3% during the 3rd quarter. Greenwich Wealth Management LLC now owns 11,700 shares of the company's stock valued at $93,000 after acquiring an additional 900 shares during the period. Cyndeo Wealth Partners LLC purchased a new stake in shares of EyePoint Pharmaceuticals during the third quarter worth $100,000. Arizona State Retirement System boosted its holdings in shares of EyePoint Pharmaceuticals by 9.7% in the second quarter. Arizona State Retirement System now owns 13,251 shares of the company's stock worth $115,000 after acquiring an additional 1,171 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of EyePoint Pharmaceuticals in the third quarter valued at $136,000. 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.