Cormorant Asset Management, Lp Purchases 581,765 Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Stock

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

EyePoint Pharmaceuticals Stock Performance

Shares of EYPT opened at $16.47 on Thursday. The firm has a market capitalization of $820.70 million, a price-to-earnings ratio of -9.00 and a beta of 1.64. EyePoint Pharmaceuticals, Inc. has a one year low of $5.67 and a one year high of $30.99. The stock’s fifty day moving average is $23.19 and its 200-day moving average is $18.60.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Jennison Associates LLC bought a new position in EyePoint Pharmaceuticals during the fourth quarter valued at about $24,641,000. Franklin Resources Inc. boosted its stake in EyePoint Pharmaceuticals by 11.8% during the fourth quarter. Franklin Resources Inc. now owns 4,640,651 shares of the company’s stock valued at $107,245,000 after buying an additional 488,206 shares in the last quarter. Federated Hermes Inc. boosted its stake in EyePoint Pharmaceuticals by 194.0% during the fourth quarter. Federated Hermes Inc. now owns 674,824 shares of the company’s stock valued at $15,595,000 after buying an additional 445,289 shares in the last quarter. UBS Group AG boosted its stake in EyePoint Pharmaceuticals by 487.6% during the third quarter. UBS Group AG now owns 526,848 shares of the company’s stock valued at $4,210,000 after buying an additional 437,190 shares in the last quarter. Finally, First Turn Management LLC bought a new position in EyePoint Pharmaceuticals during the fourth quarter valued at about $7,326,000. 99.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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