EyePoint Pharmaceuticals (NASDAQ:EYPT) Shares Gap Up Following Insider Buying Activity

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $11.56, but opened at $12.34. EyePoint Pharmaceuticals shares last traded at $11.83, with a volume of 106,881 shares trading hands.

Specifically, major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of EyePoint Pharmaceuticals stock in a transaction dated Thursday, April 18th. The stock was bought at an average price of $18.03 per share, with a total value of $10,489,222.95. Following the transaction, the insider now directly owns 7,475,000 shares in the company, valued at approximately $134,774,250. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 13.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EYPT. Capital One Financial restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a report on Friday, February 16th. Robert W. Baird decreased their price objective on EyePoint Pharmaceuticals from $46.00 to $38.00 and set an “outperform” rating for the company in a report on Wednesday. JPMorgan Chase & Co. began coverage on EyePoint Pharmaceuticals in a research note on Monday, January 22nd. They issued an “overweight” rating and a $35.00 price objective for the company. Chardan Capital cut their target price on EyePoint Pharmaceuticals from $39.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, HC Wainwright lowered their price target on EyePoint Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.14.

EyePoint Pharmaceuticals Price Performance

The stock has a fifty day moving average of $20.34 and a 200 day moving average of $19.10. The firm has a market capitalization of $659.90 million, a P/E ratio of -6.92 and a beta of 1.70.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.27. EyePoint Pharmaceuticals had a negative net margin of 153.84% and a negative return on equity of 61.48%. The company had revenue of $14.03 million for the quarter, compared to analysts’ expectations of $8.71 million. During the same quarter in the previous year, the firm posted ($0.61) EPS. Equities analysts forecast that EyePoint Pharmaceuticals, Inc. will post -1.73 EPS for the current fiscal year.

Institutional Investors Weigh In On EyePoint Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new stake in shares of EyePoint Pharmaceuticals in the 4th quarter worth approximately $27,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of EyePoint Pharmaceuticals during the fourth quarter valued at about $94,000. Sherbrooke Park Advisers LLC bought a new position in shares of EyePoint Pharmaceuticals in the 3rd quarter worth approximately $101,000. Tower Research Capital LLC TRC boosted its holdings in shares of EyePoint Pharmaceuticals by 36.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,724 shares of the company’s stock valued at $109,000 after buying an additional 1,250 shares in the last quarter. Finally, Toth Financial Advisory Corp grew its holdings in EyePoint Pharmaceuticals by 42.9% in the fourth quarter. Toth Financial Advisory Corp now owns 5,000 shares of the company’s stock worth $116,000 after purchasing an additional 1,500 shares during the period. 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.