Shepard suffered the injury this past Sunday against the Chicago Bears. The wideout will now miss at least the next three weeks.
Shepard's issue is the latest blow to the Giants' offense after running back Saquon Barkley was lost for the year due to an ACL tear. The Giants recently signed Devonta Freeman to help shore up their running game.
New York's Week 2 contest was the first time a full arsenal of skill players was healthy to support Daniel Jones. That was short-lived, as the quarterback will be without Shepard and Barkley this Sunday.
Shepard has totaled eight receptions for 76 yards in two games this season. The 27-year-old is looking to rebound after a pedestrian 2019 campaign when he set career lows in receptions (57) and receiving yards (576).