EyePoint Pharmaceuticals (NASDAQ:EYPT) Trading Down 9.8% - Here's What Happened

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT - Get Free Report)'s stock price traded down 9.8% on Friday . The stock traded as low as $8.18 and last traded at $8.22. 489,092 shares changed hands during trading, a decline of 41% from the average session volume of 832,272 shares. The stock had previously closed at $9.11.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Chardan Capital boosted their price target on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a "buy" rating in a report on Friday, November 8th. Robert W. Baird cut their target price on EyePoint Pharmaceuticals from $38.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. HC Wainwright reaffirmed a "buy" rating and set a $22.00 price target on shares of EyePoint Pharmaceuticals in a research report on Thursday, December 5th. Citigroup began coverage on shares of EyePoint Pharmaceuticals in a report on Tuesday. They issued a "buy" rating and a $33.00 price objective on the stock. Finally, Scotiabank started coverage on shares of EyePoint Pharmaceuticals in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $18.00 target price for the company. One research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, EyePoint Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.63.

EyePoint Pharmaceuticals Stock Down 8.5 %

The stock has a market capitalization of $569.21 million, a price-to-earnings ratio of -4.17 and a beta of 1.49. The company's fifty day simple moving average is $8.90 and its 200 day simple moving average is $8.99.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in EYPT. China Universal Asset Management Co. Ltd. boosted its holdings in 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 valued at $82,000 after purchasing an additional 4,172 shares during the period. Greenwich Wealth Management LLC acquired a new stake in shares of EyePoint Pharmaceuticals in the second quarter valued at approximately $94,000. Cyndeo Wealth Partners LLC bought a new stake in shares of EyePoint Pharmaceuticals in the third quarter valued at approximately $100,000. Arizona State Retirement System grew its position in EyePoint Pharmaceuticals by 9.7% during the second quarter. Arizona State Retirement System now owns 13,251 shares of the company's stock worth $115,000 after buying an additional 1,171 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in EyePoint Pharmaceuticals during the 3rd quarter worth $136,000. Institutional investors and hedge funds own 99.41% of the company's stock.

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.