Itaconix (LON:ITX) Trading 14% Higher – Here’s What Happened

Shares of Itaconix plc (LON:ITX) shot up 14% during trading on Thursday . The company traded as high as GBX 200 and last traded at GBX 196.65. 97,501 shares were traded during trading, an increase of 404% from the average daily volume of 19,360 shares. The stock had previously closed at GBX 172.50.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lifted their target price on Itaconix from GBX 325 to GBX 375 and gave the company a “buy” rating in a report on Friday, July 17th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Itaconix presently has a consensus rating of “Buy” and a consensus target price of GBX 375.

Itaconix Stock Up 14.0%

The firm’s 50-day moving average price is GBX 138.12 and its 200-day moving average price is GBX 120.78. The company has a market cap of £26.52 million, a price-to-earnings ratio of -19.28 and a beta of 0.97. The company has a debt-to-equity ratio of 24.58, a current ratio of 3.43 and a quick ratio of 0.52.

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.