Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) Downgraded by HC Wainwright
Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) was downgraded by investment analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, July 11th, Marketbeat reports. They currently have a $2.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would suggest a potential upside of 92.31% from the company’s current price.
Separately, Canaccord Genuity set a $3.00 price objective on Inotek Pharmaceuticals Corporation and gave the stock a “buy” rating in a research report on Monday, June 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Inotek Pharmaceuticals Corporation presently has an average rating of “Hold” and an average target price of $3.80.
Shares of Inotek Pharmaceuticals Corporation (ITEK) traded up 6.67% on Tuesday, reaching $1.04. 1,003,865 shares of the company’s stock traded hands. The company’s market cap is $28.07 million. Inotek Pharmaceuticals Corporation has a 12-month low of $0.85 and a 12-month high of $9.78. The stock has a 50-day moving average price of $1.42 and a 200-day moving average price of $1.67.
Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last announced its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.24) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.23. Equities research analysts anticipate that Inotek Pharmaceuticals Corporation will post ($1.33) EPS for the current fiscal year.
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Institutional investors have recently made changes to their positions in the stock. LMR Partners LLP purchased a new stake in Inotek Pharmaceuticals Corporation during the second quarter valued at $126,000. Goldman Sachs Group Inc. increased its stake in Inotek Pharmaceuticals Corporation by 276.0% in the first quarter. Goldman Sachs Group Inc. now owns 58,758 shares of the biotechnology company’s stock valued at $118,000 after buying an additional 43,131 shares during the last quarter. Minerva Advisors LLC purchased a new stake in Inotek Pharmaceuticals Corporation during the first quarter valued at $126,000. Columbus Circle Investors increased its stake in Inotek Pharmaceuticals Corporation by 78.4% in the first quarter. Columbus Circle Investors now owns 385,229 shares of the biotechnology company’s stock valued at $770,000 after buying an additional 169,262 shares during the last quarter. Finally, Highbridge Capital Management LLC increased its stake in Inotek Pharmaceuticals Corporation by 183.2% in the fourth quarter. Highbridge Capital Management LLC now owns 90,947 shares of the biotechnology company’s stock valued at $554,000 after buying an additional 58,828 shares during the last quarter. 38.53% of the stock is owned by hedge funds and other institutional investors.
Inotek Pharmaceuticals Corporation Company Profile
Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that the Company has designed to lower intraocular pressure (IOP) by restoring the eye’s natural pressure control mechanism.
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