Inhibikase Therapeutics (NASDAQ:IKT) Stock Price Down 2.9% – Here’s Why

Inhibikase Therapeutics, Inc. (NASDAQ:IKT) was down 2.9% on Friday . The company traded as low as $1.6850 and last traded at $1.69. Approximately 508,913 shares were traded during trading, a decline of 32% from the average daily volume of 749,074 shares. The stock had previously closed at $1.74.

Analysts Set New Price Targets

A number of equities analysts have weighed in on IKT shares. Lifesci Capital raised Inhibikase Therapeutics to a “strong-buy” rating in a research report on Monday, February 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibikase Therapeutics in a research report on Tuesday, April 21st. Finally, LADENBURG THALM/SH SH initiated coverage on Inhibikase Therapeutics in a research report on Wednesday, March 4th. They set a “buy” rating and a $4.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $5.50.

Inhibikase Therapeutics Stock Down 2.9%

The firm has a 50 day simple moving average of $1.80 and a two-hundred day simple moving average of $1.73. The stock has a market capitalization of $223.13 million, a P/E ratio of -3.93 and a beta of 0.96.

Inhibikase Therapeutics (NASDAQ:IKT) last released its earnings results on Tuesday, May 12th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). On average, research analysts predict that Inhibikase Therapeutics, Inc. will post -0.46 earnings per share for the current year.

Institutional Investors Weigh In On Inhibikase Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sands Capital Alternatives LLC lifted its stake in Inhibikase Therapeutics by 18.9% during the fourth quarter. Sands Capital Alternatives LLC now owns 13,018,965 shares of the company’s stock worth $26,689,000 after purchasing an additional 2,068,965 shares during the last quarter. ADAR1 Capital Management LLC lifted its stake in Inhibikase Therapeutics by 53.7% during the fourth quarter. ADAR1 Capital Management LLC now owns 8,063,949 shares of the company’s stock worth $16,531,000 after purchasing an additional 2,816,346 shares during the last quarter. Siren L.L.C. bought a new position in shares of Inhibikase Therapeutics in the 4th quarter valued at $11,992,000. Commodore Capital LP lifted its stake in shares of Inhibikase Therapeutics by 1.0% in the 2nd quarter. Commodore Capital LP now owns 5,397,488 shares of the company’s stock valued at $10,525,000 after acquiring an additional 53,056 shares during the last quarter. Finally, Squadron Capital Management LLC bought a new position in shares of Inhibikase Therapeutics in the 4th quarter valued at $8,661,000. 3.81% of the stock is currently owned by institutional investors.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc, a clinical stage pharmaceutical company, develops therapeutics for Parkinson’s Disease (PD) and related disorders that arise inside and outside of the brain. The company’s product candidates include IkT-148009, a small molecule Abelson tyrosine kinase inhibitor for use in the treatment of PD, as well as gastrointestinal complications that arise as early symptoms of PD, such as swallowing, dysphagia, neurogenic constipation, and multiple system atrophy; and IkT-001Pro, a prodrug of the anti-cancer agent Imatinib that is in preclinical development to minimize gastrointestinal side effects and for the treatment of blood and stomach cancers.