Raanan added "it doesn't look encouraging" for Shepard (via Schefter). Raanan previously reported Shepard was in "serious pain" and appeared to be in tears. However, Mike Garafolo of NFL.com reported the Giants are "hopeful" the injury is just a "bad roll of his ankle."
The Giants selected Shepard with the No. 40 overall pick in the second round of the 2016 NFL draft out of Oklahoma.
Shepard responded with a solid rookie campaign, accumulating 65 receptions for 683 yards and eight touchdowns.
He is penciled in as the Giants' primary slot receiver to complement the outside threats of Odell Beckham Jr. and Brandon Marshall.
Even with Shepard potentially out of action, the Giants can lean on Beckham and Marshall, as well as rookie tight end Evan Engram. Dwayne Harris will play an even bigger role and will slide into the team's three-wideout sets, while Roger Lewis, Darius Powe and Tavarres King could see more snaps.