Zacks Investment Research Downgrades Eyenovia (NASDAQ:EYEN) to Hold

Eyenovia (NASDAQ:EYENGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Eyenovia, Inc. is a clinical stage biopharmaceutical company which engages in developing therapeutics for the treatment of prominent eye diseases primarily in the United States. Its product portfolio includes MicroProst, MicroStat, MicroTears and MicroPine which are in clinical stage. Eyenovia, Inc. is based in New York. “

Shares of NASDAQ:EYEN traded up $0.07 during trading on Thursday, hitting $2.27. The stock had a trading volume of 48,110 shares, compared to its average volume of 107,148. Eyenovia has a 12 month low of $1.83 and a 12 month high of $6.63. The company has a market capitalization of $76.20 million, a PE ratio of -4.20 and a beta of 2.08. The firm’s fifty day moving average is $2.57 and its 200 day moving average is $3.11.

Eyenovia (NASDAQ:EYENGet Rating) last posted its quarterly earnings data on Monday, March 28th. The company reported $0.10 earnings per share for the quarter. The company had revenue of $10.00 million for the quarter. During the same period in the previous year, the business posted ($0.17) earnings per share. As a group, equities analysts expect that Eyenovia will post -0.82 earnings per share for the current fiscal year.

In other news, major shareholder Stuart M. Grant purchased 50,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were purchased at an average cost of $1.98 per share, for a total transaction of $99,000.00. Following the purchase, the insider now directly owns 4,959,998 shares in the company, valued at approximately $9,820,796.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Stuart M. Grant purchased 38,800 shares of the company’s stock in a transaction dated Thursday, April 21st. The stock was purchased at an average price of $2.59 per share, for a total transaction of $100,492.00. Following the completion of the purchase, the insider now owns 4,865,924 shares in the company, valued at $12,602,743.16. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 123,874 shares of company stock worth $280,589. Company insiders own 20.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC bought a new stake in Eyenovia during the first quarter valued at about $30,000. Morgan Stanley raised its holdings in Eyenovia by 246.0% during the first quarter. Morgan Stanley now owns 10,380 shares of the company’s stock valued at $53,000 after acquiring an additional 7,380 shares during the period. LPL Financial LLC bought a new stake in Eyenovia during the fourth quarter valued at about $42,000. Marshall Wace LLP bought a new stake in Eyenovia during the fourth quarter valued at about $216,000. Finally, State Street Corp raised its holdings in Eyenovia by 201.6% during the fourth quarter. State Street Corp now owns 56,400 shares of the company’s stock valued at $226,000 after acquiring an additional 37,700 shares during the period. Institutional investors own 23.36% of the company’s stock.

Eyenovia Company Profile (Get Rating)

Eyenovia, Inc, a clinical stage ophthalmic company, engages in developing therapeutics based on its proprietary microdose array print platform technology. The company focuses on developing clinical microdosing of formulations of ophthalmic pharmaceutical agents using its Optejet branded targeted ocular delivery system.

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