Inhibikase Therapeutics (NASDAQ:IKT) Shares Down 3.9% – Here’s What Happened

Shares of Inhibikase Therapeutics, Inc. (NASDAQ:IKT) were down 3.9% on Monday . The stock traded as low as $1.95 and last traded at $1.96. 356,365 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 865,507 shares. The stock had previously closed at $2.04.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on IKT shares. Oppenheimer assumed coverage on Inhibikase Therapeutics in a research report on Wednesday, June 10th. They set an “outperform” rating and a $5.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inhibikase Therapeutics in a report on Tuesday, April 21st. Four equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $5.40.

Inhibikase Therapeutics Trading Down 3.9%

The company has a market cap of $258.78 million, a price-to-earnings ratio of -4.56 and a beta of 0.94. The stock’s 50-day moving average is $1.82 and its 200-day moving average is $1.80.

Inhibikase Therapeutics (NASDAQ:IKT) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). As a group, analysts predict that Inhibikase Therapeutics, Inc. will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Inhibikase Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Inhibikase Therapeutics in the 4th quarter valued at about $26,000. SG Americas Securities LLC bought a new stake in Inhibikase Therapeutics in the 1st quarter valued at about $26,000. BNP Paribas Financial Markets increased its position in Inhibikase Therapeutics by 70.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,640 shares of the company’s stock valued at $25,000 after buying an additional 6,458 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Inhibikase Therapeutics during the 1st quarter worth approximately $28,000. Finally, XTX Topco Ltd acquired a new position in Inhibikase Therapeutics during the 4th quarter worth approximately $42,000. Institutional investors own 3.81% of the company’s stock.

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.