Eikon Therapeutics (NASDAQ:EIKN) Stock Rated “Buy” in New Coverage at HC Wainwright

Investment analysts at HC Wainwright began coverage on shares of Eikon Therapeutics (NASDAQ:EIKN) in a report released on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $23.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 209.97% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Mizuho upgraded Eikon Therapeutics to a “strong-buy” rating in a report on Wednesday, September 16th. Weiss Ratings upgraded Eikon Therapeutics from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Wedbush lowered their target price on Eikon Therapeutics from $5.00 to $4.00 and set an “underperform” rating for the company in a research note on Friday, August 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Eikon Therapeutics in a research note on Friday, August 21st. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Eikon Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $24.67.

Eikon Therapeutics Stock Performance

EIKN stock traded down $0.12 during midday trading on Friday, hitting $7.42. 482,772 shares of the company’s stock were exchanged, compared to its average volume of 620,045. The stock’s fifty day moving average price is $9.41 and its 200-day moving average price is $9.93. The company has a market cap of $401.94 million and a PE ratio of -1.81. Eikon Therapeutics has a one year low of $6.45 and a one year high of $17.40.

Eikon Therapeutics (NASDAQ:EIKN) last posted its earnings results on Thursday, August 13th. The company reported ($1.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.02). On average, analysts expect that Eikon Therapeutics will post -7.24 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Group Iv Gp Lp Column bought 89,200 shares of Eikon Therapeutics stock in a transaction that occurred on Thursday, September 3rd. The stock was purchased at an average cost of $11.56 per share, with a total value of $1,031,152.00. Following the purchase, the insider owned 89,200 shares in the company, valued at approximately $1,031,152. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On Eikon Therapeutics

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Eikon Therapeutics by 29.0% in the 2nd quarter. BlackRock Inc. now owns 4,281,425 shares of the company’s stock valued at $55,873,000 after buying an additional 962,046 shares during the last quarter. State Street Corp acquired a new stake in shares of Eikon Therapeutics in the second quarter valued at approximately $4,621,000. Comprehensive Financial Management LLC acquired a new stake in shares of Eikon Therapeutics in the second quarter valued at approximately $1,517,000. Parkman Healthcare Partners LLC bought a new stake in shares of Eikon Therapeutics in the second quarter worth $3,341,000. Finally, Deutsche Bank AG bought a new stake in shares of Eikon Therapeutics in the second quarter worth $281,000.

About Eikon Therapeutics

Eikon Therapeutics is a biotechnology company focused on discovering and developing medicines using advanced single-molecule imaging, cell biology and computational technologies. Its platform is designed to track the behavior of proteins and other molecular targets in living cells, with the goal of improving the understanding of disease biology and identifying potential drug candidates.

The company is developing a pipeline of therapeutics, including investigational treatments in areas such as oncology and other serious diseases.