Eyenovia (EYEN) Stock Rating Lowered by Zacks Investment Research

Eyenovia (NASDAQ:EYEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, 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. “

Several other brokerages have also recently commented on EYEN. HC Wainwright set a $14.00 target price on shares of Eyenovia and gave the stock a “buy” rating in a report on Thursday, March 28th. Oppenheimer started coverage on shares of Eyenovia in a report on Wednesday, April 24th. They issued an “outperform” rating and a $9.00 target price for the company.

Shares of EYEN traded up $0.05 during midday trading on Friday, hitting $5.20. The stock had a trading volume of 27,608 shares, compared to its average volume of 53,446. Eyenovia has a fifty-two week low of $2.40 and a fifty-two week high of $8.96. The stock has a market cap of $61.85 million, a price-to-earnings ratio of -2.86 and a beta of 1.68.

Eyenovia (NASDAQ:EYEN) last announced its earnings results on Tuesday, May 14th. The company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.01. On average, sell-side analysts forecast that Eyenovia will post -1.8 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in shares of Eyenovia during the fourth quarter worth approximately $36,000. BlackRock Inc. boosted its holdings in shares of Eyenovia by 1,689.6% during the first quarter. BlackRock Inc. now owns 16,500 shares of the company’s stock worth $99,000 after purchasing an additional 15,578 shares during the period. Northern Trust Corp acquired a new stake in shares of Eyenovia during the first quarter worth approximately $118,000. Vanguard Group Inc. acquired a new stake in shares of Eyenovia during the third quarter worth approximately $157,000. Finally, Vanguard Group Inc acquired a new stake in shares of Eyenovia during the third quarter worth approximately $157,000. Institutional investors and hedge funds own 9.17% of the company’s stock.

About Eyenovia

Eyenovia, Inc, a clinical stage biopharmaceutical company, engages in developing a pipeline of ophthalmology products in the United States. It is developing MicroProst, which is in Phase III clinical trials for the treatment of chronic angle closure glaucoma; MicroStat, which is in Phase III clinical trials for the treatment of mydriasis; MicroTears for the treatment of dry eye; and MicroPine for the treatment of myopia.

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