Itaconix (LON:ITX) Shares Up 28.5% on Analyst Upgrade

Itaconix plc (LON:ITX) shares were up 28.5% during mid-day trading on Friday after Canaccord Genuity Group raised their price target on the stock from GBX 325 to GBX 375. Canaccord Genuity Group currently has a buy rating on the stock. Itaconix traded as high as GBX 151 and last traded at GBX 151. 395,642 shares traded hands during trading, an increase of 2,225% from the average daily volume of 17,014 shares. The stock had previously closed at GBX 117.50.

Insider Buying and Selling

In other news, insider Peter Nieuwenhuizen purchased 3,400 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of GBX 109 per share, with a total value of £3,706. Corporate insiders own 77.49% of the company’s stock.

Itaconix Price Performance

The stock’s 50-day moving average is GBX 110.91 and its 200 day moving average is GBX 112.16. The company has a debt-to-equity ratio of 24.58, a current ratio of 3.43 and a quick ratio of 0.52. The company has a market cap of £20.36 million, a PE ratio of -14.80 and a beta of 0.97.

Itaconix Company Profile

Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company’s current ingredients are enabling and leading new generations of products in detergents, hygiene, and hair care. Itaconix’s contributions to the global low carbon economy are recognised by the London Stock Exchange’s Green Economy Mark.