Giants coach Ben McAdoo told reporters it appears Shepard avoided serious injury.
"It looks at this point like he has a rolled ankle, a basketball-type ankle," McAdoo said. "We'll see how he responds to treatment and go from there."
Shepard needed to be supported by trainers after suffering the injury in practice before being taken inside to undergo tests.
Shepard, 24, is coming off a rookie season of 65 catches for 683 yards and eight touchdowns.