EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Up 7% - Still a Buy?

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report)'s share price was up 7% on Friday . The stock traded as high as $8.75 and last traded at $8.73. Approximately 110,668 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 935,023 shares. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

EYPT has been the subject of a number of recent analyst reports. Chardan Capital raised their price objective on shares of EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Scotiabank assumed coverage on EyePoint Pharmaceuticals in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $18.00 target price for the company. JPMorgan Chase & Co. dropped their price target on EyePoint Pharmaceuticals from $32.00 to $29.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 13th. Jefferies Financial Group began coverage on EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They set a "buy" rating and a $15.00 price objective for the company. Finally, Robert W. Baird dropped their target price on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. 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 MarketBeat, the stock presently 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 $594.47 million, a P/E ratio of -4.36 and a beta of 1.45. The stock's 50 day moving average is $9.81 and its two-hundred day moving average is $9.30.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several hedge funds have recently made changes to their positions in EYPT. Greenwich Wealth Management LLC grew its holdings in shares of EyePoint Pharmaceuticals by 8.3% in 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 in the last quarter. Arizona State Retirement System grew its stake in EyePoint Pharmaceuticals by 9.7% in the second quarter. Arizona State Retirement System now owns 13,251 shares of the company's stock valued at $115,000 after purchasing an additional 1,171 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position 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 worth $82,000 after purchasing an additional 4,172 shares during the last quarter. Fiera Capital Corp raised its stake in shares of EyePoint Pharmaceuticals by 0.9% during the 2nd quarter. Fiera Capital Corp now owns 677,038 shares of the company's stock worth $5,890,000 after purchasing an additional 5,920 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of EyePoint Pharmaceuticals by 271.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,888 shares of the company's stock valued at $95,000 after buying an additional 7,953 shares during the last quarter. 99.41% of the stock is owned by institutional investors.

EyePoint Pharmaceuticals Company Profile

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.