Inotek Pharmaceuticals Corp (NASDAQ:ITEK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Inotek Pharmaceuticals Corporation is a biopharmaceutical company. The company is focused on the discovery, development and commercialization of novel therapies to treat glaucoma and diseases of the eye. Inotek Pharmaceuticals Corporation is headquartered in Lexington, Massachusetts. “

Other equities analysts have also issued research reports about the company. Canaccord Genuity set a $3.00 price objective on Inotek Pharmaceuticals Corp and gave the stock a “buy” rating in a report on Monday, June 26th. HC Wainwright lowered Inotek Pharmaceuticals Corp from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a report on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Inotek Pharmaceuticals Corp has an average rating of “Hold” and an average price target of $3.80.

Inotek Pharmaceuticals Corp (ITEK) traded up 2.94% during mid-day trading on Tuesday, reaching $1.05. The company’s stock had a trading volume of 1,336,104 shares. Inotek Pharmaceuticals Corp has a one year low of $0.85 and a one year high of $9.78. The stock’s 50 day moving average is $0.99 and its 200 day moving average is $1.55. The firm’s market cap is $28.36 million.

Inotek Pharmaceuticals Corp (NASDAQ:ITEK) last issued its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.23. On average, analysts anticipate that Inotek Pharmaceuticals Corp will post ($1.05) EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITEK. Goldman Sachs Group Inc. grew its holdings in shares of Inotek Pharmaceuticals Corp by 195.6% during the second quarter. Goldman Sachs Group Inc. now owns 173,690 shares of the biotechnology company’s stock worth $330,000 after buying an additional 114,932 shares during the last quarter. LMR Partners LLP purchased a new position in shares of Inotek Pharmaceuticals Corp during the second quarter worth about $126,000. Minerva Advisors LLC purchased a new position in shares of Inotek Pharmaceuticals Corp during the first quarter worth about $126,000. Finally, GSA Capital Partners LLP grew its holdings in shares of Inotek Pharmaceuticals Corp by 4.3% during the second quarter. GSA Capital Partners LLP now owns 156,300 shares of the biotechnology company’s stock worth $297,000 after buying an additional 6,500 shares during the last quarter. 29.31% of the stock is currently owned by hedge funds and other institutional investors.

About Inotek Pharmaceuticals Corp

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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