Cormorant Asset Management, Lp Buys 850,000 Shares of EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) Stock

EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) major shareholder Cormorant Asset Management, Lp purchased 850,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average price of $11.86 per share, for a total transaction of $10,081,000.00. Following the purchase, the insider now owns 8,325,000 shares in the company, valued at $98,734,500. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Cormorant Asset Management, Lp also recently made the following trade(s):

• On Thursday, April 18th, Cormorant Asset Management, Lp acquired 581,765 shares of EyePoint Pharmaceuticals stock. The stock was acquired at an average price of $18.03 per share, with a total value of $10,489,222.95.

EyePoint Pharmaceuticals Price Performance

Shares of EyePoint Pharmaceuticals stock opened at $12.67 on Friday. The firm has a fifty day moving average price of $20.34 and a two-hundred day moving average price of $19.10. EyePoint Pharmaceuticals, Inc. has a fifty-two week low of $5.67 and a fifty-two week high of $30.99. The company has a market cap of $659.90 million, a PE ratio of -6.92 and a beta of 1.70.

EyePoint Pharmaceuticals (NASDAQ:EYPT) last released its 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. The business had revenue of $14.03 million during the quarter, compared to analysts’ expectations of $8.71 million. EyePoint Pharmaceuticals had a negative net margin of 153.84% and a negative return on equity of 61.48%. During the same quarter last year, the company earned ($0.61) earnings per share. Analysts expect that EyePoint Pharmaceuticals, Inc. will post -1.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Chardan Capital reduced their price target on EyePoint Pharmaceuticals from $39.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. began coverage on EyePoint Pharmaceuticals in a report on Monday, January 22nd. They set an “overweight” rating and a $35.00 price target on the stock. Capital One Financial restated an “overweight” rating on shares of EyePoint Pharmaceuticals in a research note on Friday, February 16th. Mizuho lowered their target price on shares of EyePoint Pharmaceuticals from $39.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Robert W. Baird decreased their price target on shares of EyePoint Pharmaceuticals from $46.00 to $38.00 and set an “outperform” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.14.

Institutional Trading of EyePoint Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Jennison Associates LLC bought a new position in EyePoint Pharmaceuticals in the fourth quarter worth $24,641,000. Franklin Resources Inc. raised its stake in shares of EyePoint Pharmaceuticals by 11.8% in the 4th 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. lifted its holdings 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 acquiring an additional 445,289 shares during the period. UBS Group AG boosted 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 valued at $4,210,000 after acquiring an additional 437,190 shares in the last quarter. Finally, First Turn Management LLC bought a new stake in EyePoint Pharmaceuticals in the fourth quarter valued at about $7,326,000. 99.41% of the stock is currently owned by institutional investors.

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.