EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Up 5.8% - Should You Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report)'s stock price shot up 5.8% on Tuesday . The company traded as high as $7.45 and last traded at $7.43. 415,893 shares were traded during trading, a decline of 56% from the average session volume of 938,544 shares. The stock had previously closed at $7.02.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on EYPT shares. HC Wainwright restated a "buy" rating and issued a $22.00 price target on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Robert W. Baird dropped their target price on shares of EyePoint Pharmaceuticals from $38.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. Scotiabank started coverage on shares of EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They set a "sector outperform" rating and a $18.00 price target on the stock. Chardan Capital lifted their price objective on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded EyePoint Pharmaceuticals to a "sell" rating in a research report on Saturday, September 21st. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $25.71.

EyePoint Pharmaceuticals Stock Performance

The company has a market capitalization of $508.47 million, a price-to-earnings ratio of -3.73 and a beta of 1.45. The company has a 50 day moving average price of $9.29 and a 200 day moving average price of $9.01.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. grew 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 purchasing an additional 362,399 shares during the period. Patient Square Capital LP bought a new position in shares of EyePoint Pharmaceuticals in the third quarter valued at $10,882,000. Geode Capital Management LLC grew its holdings 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 valued at $9,583,000 after buying an additional 166,699 shares during the last quarter. Deerfield Management Company L.P. Series C grew its holdings in shares of EyePoint Pharmaceuticals by 51.4% during the second quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company's stock valued at $7,637,000 after buying an additional 298,196 shares during the last quarter. Finally, Fiera Capital Corp increased its position in shares of EyePoint Pharmaceuticals by 0.9% during the second quarter. Fiera Capital Corp now owns 677,038 shares of the company's stock worth $5,890,000 after acquiring an additional 5,920 shares in the last quarter. 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.