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

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) major shareholder Cormorant Asset Management, Lp acquired 581,765 shares of the firm’s stock in a transaction dated 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 acquisition, the insider now directly owns 7,475,000 shares in the company, valued at $134,774,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

EyePoint Pharmaceuticals Stock Performance

NASDAQ:EYPT traded down $0.70 during midday trading on Monday, hitting $16.95. 1,386,855 shares of the company traded hands, compared to its average volume of 1,000,032. The firm’s fifty day moving average is $23.68 and its 200-day moving average is $18.48. EyePoint Pharmaceuticals, Inc. has a 12-month low of $5.67 and a 12-month high of $30.99.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last released its quarterly earnings results on Thursday, March 7th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate 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 in the prior year, the firm posted ($0.61) EPS. On average, sell-side analysts anticipate that EyePoint Pharmaceuticals, Inc. will post -1.73 earnings per share for the current year.

Hedge Funds Weigh In On EyePoint Pharmaceuticals

Several hedge funds have recently bought and sold shares of EYPT. Jennison Associates LLC bought a new position in shares of EyePoint Pharmaceuticals during the 4th quarter worth $24,641,000. Franklin Resources Inc. grew its position in shares of EyePoint Pharmaceuticals by 11.8% during the 4th quarter. Franklin Resources Inc. now owns 4,640,651 shares of the company’s stock worth $107,245,000 after buying an additional 488,206 shares in the last quarter. Federated Hermes Inc. grew its position in shares of EyePoint Pharmaceuticals by 194.0% during the 4th quarter. Federated Hermes Inc. now owns 674,824 shares of the company’s stock worth $15,595,000 after buying an additional 445,289 shares in the last quarter. UBS Group AG grew its position in shares of EyePoint Pharmaceuticals by 487.6% during the 3rd quarter. UBS Group AG now owns 526,848 shares of the company’s stock worth $4,210,000 after buying an additional 437,190 shares in the last quarter. Finally, First Turn Management LLC bought a new position in shares of EyePoint Pharmaceuticals during the 4th quarter worth $7,326,000. Institutional investors own 99.41% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.