Inotek Pharmaceuticals Corporation (ITEK) Shares Gap Up to $1.26

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) gapped up before the market opened on Friday . The stock had previously closed at $1.23, but opened at $1.26. Inotek Pharmaceuticals Corporation shares last traded at $1.31, with a volume of 3,884,336 shares.

ITEK has been the subject of several research analyst reports. Canaccord Genuity set a $3.00 price target on shares of Inotek Pharmaceuticals Corporation and gave the stock a “buy” rating in a research note on Monday, June 26th. HC Wainwright lowered shares of Inotek Pharmaceuticals Corporation from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a research note on Tuesday, July 11th. Finally, Zacks Investment Research upgraded shares of Inotek Pharmaceuticals Corporation from a “hold” rating to a “buy” rating and set a $1.00 price target for the company in a research note on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Inotek Pharmaceuticals Corporation has an average rating of “Hold” and an average target price of $3.80.

The company’s market capitalization is $35.38 million. The stock has a 50 day moving average of $1.02 and a 200 day moving average of $1.54.

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last released its quarterly earnings data on Thursday, August 3rd. The biotechnology company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.23. Equities research analysts expect that Inotek Pharmaceuticals Corporation will post ($1.05) earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ITEK. Goldman Sachs Group Inc. raised its holdings in shares of Inotek Pharmaceuticals Corporation by 276.0% during the first quarter. Goldman Sachs Group Inc. now owns 58,758 shares of the biotechnology company’s stock valued at $118,000 after purchasing an additional 43,131 shares during the last quarter. Minerva Advisors LLC purchased a new position in shares of Inotek Pharmaceuticals Corporation during the first quarter valued at approximately $126,000. LMR Partners LLP purchased a new position in shares of Inotek Pharmaceuticals Corporation during the second quarter valued at approximately $126,000. Finally, GSA Capital Partners LLP raised its holdings in shares of Inotek Pharmaceuticals Corporation by 4.3% during the second quarter. GSA Capital Partners LLP now owns 156,300 shares of the biotechnology company’s stock valued at $297,000 after purchasing an additional 6,500 shares during the last quarter. 29.31% of the stock is owned by hedge funds and other institutional investors.

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Inotek Pharmaceuticals Corporation Company Profile

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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