Inotek Pharmaceuticals Corp (NASDAQ:ITEK)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report released on Friday. They presently have a $7.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 300.00% from the company’s current price.
A number of other equities research analysts have also commented on the company. Canaccord Genuity set a $20.00 target price on Inotek Pharmaceuticals Corp and gave the company a “buy” rating in a research report on Tuesday, December 20th. Roth Capital initiated coverage on Inotek Pharmaceuticals Corp in a research report on Thursday, December 1st. They issued a “buy” rating and a $10.00 target price on the stock. Piper Jaffray Companies lowered Inotek Pharmaceuticals Corp from an “overweight” rating to a “neutral” rating and set a $3.00 target price on the stock. in a research report on Tuesday, January 3rd. Finally, Zacks Investment Research upgraded Inotek Pharmaceuticals Corp from a “sell” rating to a “hold” rating in a research report on Tuesday, January 17th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Inotek Pharmaceuticals Corp presently has an average rating of “Buy” and an average target price of $5.75.
Shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) opened at 1.75 on Friday. Inotek Pharmaceuticals Corp has a one year low of $1.50 and a one year high of $10.90. The stock’s market capitalization is $47.13 million. The firm’s 50-day moving average is $1.63 and its 200-day moving average is $5.23.
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In other news, insider David P. Southwell bought 60,000 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The shares were purchased at an average price of $1.75 per share, for a total transaction of $105,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.70% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of ITEK. Senzar Asset Management LLC purchased a new stake in shares of Inotek Pharmaceuticals Corp during the fourth quarter worth approximately $2,516,000. Sphera Funds Management LTD. raised its stake in shares of Inotek Pharmaceuticals Corp by 60.7% in the third quarter. Sphera Funds Management LTD. now owns 401,764 shares of the company’s stock worth $3,809,000 after buying an additional 151,764 shares in the last quarter. Oxford Asset Management purchased a new stake in shares of Inotek Pharmaceuticals Corp during the fourth quarter worth approximately $617,000. Great Point Partners LLC purchased a new stake in shares of Inotek Pharmaceuticals Corp during the third quarter worth approximately $892,000. Finally, New Leaf Venture Partners L.L.C. purchased a new stake in shares of Inotek Pharmaceuticals Corp during the fourth quarter worth approximately $380,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.
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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