Bank of America Begins Coverage on Inhibikase Therapeutics (NYSE:IKT)

Stock analysts at Bank of America started coverage on shares of Inhibikase Therapeutics (NYSE:IKT) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s price target indicates a potential upside of 233.33% from the stock’s current price.

IKT has been the subject of several other research reports. Cantor Fitzgerald started coverage on shares of Inhibikase Therapeutics in a research note on Thursday, December 11th. They issued an “overweight” rating and a $4.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Inhibikase Therapeutics in a report on Friday, December 26th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Inhibikase Therapeutics in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $6.00.

Inhibikase Therapeutics Trading Up 2.9%

NYSE:IKT opened at $1.80 on Wednesday. Inhibikase Therapeutics has a 12 month low of $1.33 and a 12 month high of $3.32. The firm’s 50 day moving average is $1.66 and its 200 day moving average is $1.67. The stock has a market capitalization of $135.32 million, a PE ratio of -0.67 and a beta of 0.84.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in Inhibikase Therapeutics by 277.7% in the first quarter. Goldman Sachs Group Inc. now owns 166,025 shares of the company’s stock valued at $364,000 after purchasing an additional 122,073 shares in the last quarter. Jane Street Group LLC purchased a new position in Inhibikase Therapeutics in the first quarter worth $255,000. Geode Capital Management LLC increased its stake in Inhibikase Therapeutics by 228.5% in the second quarter. Geode Capital Management LLC now owns 1,066,700 shares of the company’s stock valued at $2,080,000 after acquiring an additional 741,940 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in Inhibikase Therapeutics during the second quarter worth about $34,000. Finally, Intech Investment Management LLC bought a new stake in Inhibikase Therapeutics during the second quarter worth about $61,000. Hedge funds and other institutional investors own 3.81% of the company’s stock.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company engaged in the discovery and development of small-molecule kinase inhibitors for rare neurodegenerative diseases. Headquartered in New Haven, Connecticut, the company focuses on advancing therapies for central nervous system disorders with high unmet medical need. Its research platform targets key signaling pathways implicated in neuronal survival and degeneration.

The company’s lead investigational candidate, IKT-148009, is a brain-penetrant inhibitor of PDK1 and ABL kinases.