The Giants activated Shepard from injured reserve Thursday afternoon. He's been sidelined since suffering turf toe in Week 2.
The 27-year-old, who's currently the Giants' longest-tenured player, racked up eight catches for 76 yards in two appearances this season.
The 2016 second-round pick set career highs with 66 receptions and 872 yards in 2018 but failed to replicate that success last season, as he was placed on the concussion protocol and missed six games.
The 1-5 Giants have struggled to move the ball through the air this season, ranking 27th in passing yards.