EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Sees Large Decrease in Short Interest

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) was the target of a significant decrease in short interest in May. As of May 15th, there was short interest totalling 7,210,000 shares, a decrease of 28.4% from the April 30th total of 10,070,000 shares. Currently, 11.1% of the company’s stock are short sold. Based on an average daily volume of 782,200 shares, the days-to-cover ratio is presently 9.2 days.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several institutional investors have recently made changes to their positions in EYPT. RA Capital Management L.P. bought a new stake in shares of EyePoint Pharmaceuticals during the 4th quarter valued at $23,705,000. TCG Crossover Management LLC raised its stake in shares of EyePoint Pharmaceuticals by 287.3% in the fourth quarter. TCG Crossover Management LLC now owns 3,572,335 shares of the company’s stock worth $26,614,000 after buying an additional 2,650,000 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of EyePoint Pharmaceuticals by 51.7% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,750,000 shares of the company’s stock valued at $42,838,000 after buying an additional 1,958,580 shares in the last quarter. Federated Hermes Inc. increased its holdings in EyePoint Pharmaceuticals by 92.7% in the 4th quarter. Federated Hermes Inc. now owns 3,707,445 shares of the company’s stock worth $27,620,000 after acquiring an additional 1,783,765 shares in the last quarter. Finally, Suvretta Capital Management LLC raised its stake in EyePoint Pharmaceuticals by 31.1% during the 4th quarter. Suvretta Capital Management LLC now owns 6,783,091 shares of the company’s stock worth $50,534,000 after acquiring an additional 1,607,268 shares during the period. Institutional investors own 99.41% of the company’s stock.

Analyst Upgrades and Downgrades

EYPT has been the subject of several research reports. Wall Street Zen upgraded shares of EyePoint Pharmaceuticals to a “sell” rating in a research note on Friday, March 14th. Chardan Capital decreased their target price on shares of EyePoint Pharmaceuticals from $33.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. HC Wainwright reiterated a “buy” rating and set a $22.00 target price on shares of EyePoint Pharmaceuticals in a report on Thursday. Finally, Mizuho cut their price target on EyePoint Pharmaceuticals from $30.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, EyePoint Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.38.

EyePoint Pharmaceuticals Stock Performance

Shares of EYPT stock traded up $0.12 during mid-day trading on Monday, hitting $7.36. The company’s stock had a trading volume of 93,908 shares, compared to its average volume of 831,028. The stock has a market cap of $506.38 million, a price-to-earnings ratio of -3.68 and a beta of 1.58. EyePoint Pharmaceuticals has a 52-week low of $3.91 and a 52-week high of $13.98. The business has a 50-day moving average price of $5.86 and a 200 day moving average price of $6.93.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last issued its earnings results on Wednesday, May 7th. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.65). The company had revenue of $24.50 million for the quarter, compared to analysts’ expectations of $8.84 million. EyePoint Pharmaceuticals had a negative net margin of 226.57% and a negative return on equity of 43.01%. Equities research analysts predict that EyePoint Pharmaceuticals will post -2.13 EPS for the current fiscal 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.