Eyepoint Pharmaceuticals (NASDAQ:EYPT) Reaches New 52-Week High Following Analyst Upgrade

Eyepoint Pharmaceuticals, Inc. (NASDAQ:EYPT) hit a new 52-week high during trading on Wednesday after Cantor Fitzgerald upgraded the stock to a strong-buy rating. The stock traded as high as $14.96 and last traded at $14.8870, with a volume of 446118 shares trading hands. The stock had previously closed at $14.74.

EYPT has been the topic of several other reports. Mizuho set a $28.00 price target on shares of Eyepoint Pharmaceuticals in a report on Monday, October 20th. Royal Bank Of Canada raised their target price on Eyepoint Pharmaceuticals from $28.00 to $39.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eyepoint Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright upped their price objective on Eyepoint Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $27.00 target price on shares of Eyepoint Pharmaceuticals in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Eyepoint Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Hedge Funds Weigh In On Eyepoint Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Paradigm Biocapital Advisors LP acquired a new position in shares of Eyepoint Pharmaceuticals during the 3rd quarter worth about $28,556,000. Millennium Management LLC raised its holdings in shares of Eyepoint Pharmaceuticals by 1,166.2% during the third quarter. Millennium Management LLC now owns 483,054 shares of the company’s stock valued at $6,879,000 after acquiring an additional 444,905 shares during the last quarter. Granahan Investment Management LLC lifted its position in shares of Eyepoint Pharmaceuticals by 2.0% in the third quarter. Granahan Investment Management LLC now owns 347,892 shares of the company’s stock valued at $4,954,000 after acquiring an additional 6,908 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of Eyepoint Pharmaceuticals in the third quarter worth approximately $864,000. Finally, Bank of America Corp DE raised its stake in Eyepoint Pharmaceuticals by 24.1% in the 3rd quarter. Bank of America Corp DE now owns 1,010,331 shares of the company’s stock valued at $14,387,000 after purchasing an additional 196,178 shares during the last quarter. 99.41% of the stock is owned by hedge funds and other institutional investors.

Eyepoint Pharmaceuticals Trading Up 1.2%

The business has a fifty day simple moving average of $12.82 and a two-hundred day simple moving average of $10.85. The company has a market cap of $1.23 billion, a PE ratio of -5.57 and a beta of 1.85.

Eyepoint Pharmaceuticals (NASDAQ:EYPT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.85) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.08). Eyepoint Pharmaceuticals had a negative return on equity of 63.80% and a negative net margin of 337.93%.The business had revenue of $0.97 million during the quarter, compared to analysts’ expectations of $3.33 million. Equities analysts expect that Eyepoint Pharmaceuticals, Inc. will post -2.13 EPS for the current year.

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.