Inhibikase Therapeutics (NASDAQ:IKT) Trading Down 3.9% – Here’s Why

Inhibikase Therapeutics, Inc. (NASDAQ:IKT) shares dropped 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 daily volume of 865,507 shares. The stock had previously closed at $2.04.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IKT shares. LADENBURG THALM/SH SH raised shares of Inhibikase Therapeutics to a “strong-buy” rating in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Inhibikase Therapeutics in a report on Tuesday, April 21st. Finally, Oppenheimer began coverage on shares of Inhibikase Therapeutics in a research report on Wednesday, June 10th. They set an “outperform” rating and a $5.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $5.40.

Inhibikase Therapeutics Stock Performance

The stock has a market cap of $271.98 million, a P/E ratio of -4.79 and a beta of 0.94. The company’s fifty day simple moving average is $1.82 and its 200-day simple moving average is $1.80.

Inhibikase Therapeutics (NASDAQ:IKT) last issued its earnings results on Tuesday, May 12th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). As a group, analysts expect that Inhibikase Therapeutics, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Inhibikase Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new position in shares of Inhibikase Therapeutics in the 4th quarter worth approximately $26,000. SG Americas Securities LLC acquired a new stake in Inhibikase Therapeutics in the 1st quarter valued at $26,000. BNP Paribas Financial Markets grew its position in Inhibikase Therapeutics by 70.3% in the third quarter. BNP Paribas Financial Markets now owns 15,640 shares of the company’s stock valued at $25,000 after acquiring an additional 6,458 shares during the period. Renaissance Technologies LLC bought a new stake in Inhibikase Therapeutics in the first quarter valued at $28,000. Finally, XTX Topco Ltd acquired a new position in Inhibikase Therapeutics during the fourth quarter worth $42,000. 3.81% of the stock is owned by institutional investors and hedge funds.

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.