Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) Given $28.67 Average Target Price by Analysts
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) has earned a consensus broker rating score of 1.00 (Strong Buy) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. Three equities research analysts have rated the stock with a strong buy rating.
Brokerages have set a one year consensus target price of $28.67 for the company and are expecting that the company will post ($0.36) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Inotek Pharmaceuticals Corp. an industry rank of 102 out of 265 based on the ratings given to its competitors.
A number of research analysts recently commented on the company. HC Wainwright assumed coverage on Inotek Pharmaceuticals Corp. in a research report on Tuesday. They issued a “buy” rating and a $22.00 price target on the stock. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Inotek Pharmaceuticals Corp. in a research note on Tuesday, August 16th.
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A number of hedge funds have recently added to or reduced their stakes in ITEK. BlackRock Fund Advisors raised its stake in Inotek Pharmaceuticals Corp. by 119.2% in the second quarter. BlackRock Fund Advisors now owns 788,315 shares of the company’s stock valued at $5,865,000 after buying an additional 428,703 shares during the period. BlackRock Advisors LLC raised its stake in shares of Inotek Pharmaceuticals Corp. by 2.0% in the second quarter. BlackRock Advisors LLC now owns 765,453 shares of the company’s stock worth $5,695,000 after buying an additional 14,869 shares during the last quarter. Opaleye Management Inc. purchased a new stake in shares of Inotek Pharmaceuticals Corp. during the first quarter worth approximately $4,773,000. Vanguard Group Inc. raised its stake in shares of Inotek Pharmaceuticals Corp. by 12.8% in the second quarter. Vanguard Group Inc. now owns 595,073 shares of the company’s stock worth $4,427,000 after buying an additional 67,557 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Inotek Pharmaceuticals Corp. by 70.9% in the second quarter. Adage Capital Partners GP L.L.C. now owns 470,000 shares of the company’s stock worth $3,497,000 after buying an additional 195,000 shares during the last quarter. 73.35% of the stock is currently owned by institutional investors and hedge funds.
Shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) traded down 2.49% during midday trading on Wednesday, hitting $8.63. 131,383 shares of the stock traded hands. The stock has a 50 day moving average of $7.14 and a 200 day moving average of $8.12. The company’s market capitalization is $232.41 million. Inotek Pharmaceuticals Corp. has a 1-year low of $5.81 and a 1-year high of $13.50.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last issued its quarterly earnings results on Wednesday, August 10th. The company reported ($0.33) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.07. Equities research analysts predict that Inotek Pharmaceuticals Corp. will post ($1.42) earnings per share for the current fiscal year.
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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