Insider Buying: EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Major Shareholder Purchases 581,765 Shares of Stock

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of the stock in a transaction on Thursday, April 18th. The stock was bought at an average price of $18.03 per share, for a total transaction of $10,489,222.95. Following the transaction, the insider now owns 7,475,000 shares in the company, valued at approximately $134,774,250. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

EyePoint Pharmaceuticals Price Performance

NASDAQ EYPT opened at $17.57 on Wednesday. The stock’s 50 day simple moving average is $23.19 and its 200-day simple moving average is $18.60. The company has a market cap of $875.53 million, a PE ratio of -9.60 and a beta of 1.64. EyePoint Pharmaceuticals, Inc. has a 1-year low of $5.67 and a 1-year high of $30.99.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.27. EyePoint Pharmaceuticals had a negative return on equity of 61.48% and a negative net margin of 153.84%. The company had revenue of $14.03 million for the quarter, compared to analyst estimates of $8.71 million. During the same quarter last year, the firm posted ($0.61) EPS. On average, equities research analysts anticipate that EyePoint Pharmaceuticals, Inc. will post -1.73 EPS for the current fiscal year.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in EyePoint Pharmaceuticals by 11.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 115,690 shares of the company’s stock worth $924,000 after purchasing an additional 12,309 shares in the last quarter. Strs Ohio purchased a new position in EyePoint Pharmaceuticals during the third quarter worth approximately $196,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in EyePoint Pharmaceuticals during the third quarter worth $117,000. TD Asset Management Inc purchased a new stake in EyePoint Pharmaceuticals in the 3rd quarter valued at $574,000. Finally, Jump Financial LLC increased its stake in shares of EyePoint Pharmaceuticals by 318.5% in the 3rd quarter. Jump Financial LLC now owns 48,968 shares of the company’s stock worth $391,000 after acquiring an additional 37,268 shares during the last quarter. 99.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EYPT has been the topic of several analyst reports. Mizuho raised their price target on shares of EyePoint Pharmaceuticals from $30.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, February 16th. HC Wainwright reduced their price target on EyePoint Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, January 16th. Capital One Financial restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. initiated coverage on shares of EyePoint Pharmaceuticals in a research note on Monday, January 22nd. They issued an “overweight” rating and a $35.00 price target on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

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.