EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Receives $28.00 Average Price Target from Analysts

Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) have been assigned an average rating of “Buy” from the nine ratings firms that are presently covering the stock, MarketBeat reports. Nine analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $28.00.

EYPT has been the topic of several recent research reports. StockNews.com raised shares of EyePoint Pharmaceuticals to a “sell” rating in a report on Saturday, September 21st. JPMorgan Chase & Co. dropped their price objective on EyePoint Pharmaceuticals from $32.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Chardan Capital upped their target price on EyePoint Pharmaceuticals from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Jefferies Financial Group started coverage on EyePoint Pharmaceuticals in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, 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 objective for the company.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Essex Investment Management Co. LLC raised its stake in EyePoint Pharmaceuticals by 234.2% during the third quarter. Essex Investment Management Co. LLC now owns 142,144 shares of the company’s stock worth $1,136,000 after buying an additional 99,606 shares during the last quarter. Deerfield Management Company L.P. Series C grew its holdings in EyePoint Pharmaceuticals by 51.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 877,790 shares of the company’s stock worth $7,637,000 after acquiring an additional 298,196 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of EyePoint Pharmaceuticals by 842.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 476,250 shares of the company’s stock worth $4,143,000 after acquiring an additional 425,717 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of EyePoint Pharmaceuticals by 112.5% in the 2nd quarter. Renaissance Technologies LLC now owns 152,800 shares of the company’s stock valued at $1,329,000 after purchasing an additional 80,900 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of EyePoint Pharmaceuticals during the 2nd quarter valued at about $5,488,000. Institutional investors and hedge funds own 99.41% of the company’s stock.

EyePoint Pharmaceuticals Stock Performance

NASDAQ:EYPT opened at $8.85 on Friday. EyePoint Pharmaceuticals has a 52 week low of $5.98 and a 52 week high of $30.99. The firm’s 50-day simple moving average is $9.78 and its 200 day simple moving average is $9.47. The firm has a market cap of $604.02 million, a price-to-earnings ratio of -4.43 and a beta of 1.50.

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.