One of EyePoint Pharmaceuticals’ (NASDAQ:EYPT) more than 10% owners, Cormorant Asset Management, LLC, engaged in an enormous insider buy transaction worth $41.9 million. EyePoint engages in the development and commercializing of ophthalmic products.
As per the SEC filing, Cormorant Asset Management bought 1,919,057 shares of EYPT on December 4 at an average price of $21.82 per share. After the latest purchase, the total value of its holdings in EYPT now stands at about $96.68 million.
It is worth highlighting that yesterday, two insiders engaged in sell transactions. Michael Pine, the company’s Chief Corporate Development and Strategy Officer, sold 45,000 shares of the company for $990,000. Also, Executive Vice Chair and Director Nancy Lurker sold EYPT stock worth $415,200.
Investors could keep close track of these notable insider activities, as they reflect the perceptions of key insiders about the company’s prospects.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Updates
The company recently announced promising topline results from its Phase 2 DAVIO 2 clinical trial evaluating EYP-1901, a treatment for wet age-related macular degeneration.
The clinical trial successfully met its primary and key secondary endpoints. Furthermore, the trial revealed a favorable safety profile, with no EYP-1901-related serious adverse events observed, either ocular or systemic.
Is EYPT a Buy or Sell?
Overall, analysts have a Strong Buy consensus rating on EYPT stock based on six unanimous Buys assigned in the past three months. Furthermore, the average EYPT price target of $35.33 per share implies 82.6% upside potential.
