Inhibikase Therapeutics (NYSE:IKT) Earns Buy Rating from Analysts at Bank of America

Bank of America started coverage on shares of Inhibikase Therapeutics (NYSE:IKT) in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $6.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Inhibikase Therapeutics in a report on Friday, December 26th. Jefferies Financial Group reiterated a “buy” rating on shares of Inhibikase Therapeutics in a research report on Monday, December 29th. Finally, Cantor Fitzgerald assumed coverage on Inhibikase Therapeutics in a report on Thursday, December 11th. They set an “overweight” rating and a $4.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Inhibikase Therapeutics presently has an average rating of “Buy” and a consensus price target of $6.00.

Inhibikase Therapeutics Stock Down 3.3%

NYSE IKT opened at $1.74 on Wednesday. Inhibikase Therapeutics has a twelve month low of $1.33 and a twelve month high of $3.32. The stock has a market cap of $130.80 million, a P/E ratio of -0.65 and a beta of 0.84. The company’s 50-day simple moving average is $1.67 and its 200 day simple moving average is $1.67.

Hedge Funds Weigh In On Inhibikase Therapeutics

Several large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its holdings in Inhibikase Therapeutics by 277.7% in the first quarter. Goldman Sachs Group Inc. now owns 166,025 shares of the company’s stock valued at $364,000 after acquiring an additional 122,073 shares during the last quarter. Jane Street Group LLC acquired a new position in Inhibikase Therapeutics during the 1st quarter valued at about $255,000. Geode Capital Management LLC boosted its stake in shares of Inhibikase Therapeutics by 228.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,066,700 shares of the company’s stock valued at $2,080,000 after purchasing an additional 741,940 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Inhibikase Therapeutics in the 2nd quarter valued at about $34,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Inhibikase Therapeutics during the 2nd quarter worth approximately $61,000. Institutional investors and hedge funds own 3.81% of the company’s stock.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company engaged in the discovery and development of small-molecule kinase inhibitors for rare neurodegenerative diseases. Headquartered in New Haven, Connecticut, the company focuses on advancing therapies for central nervous system disorders with high unmet medical need. Its research platform targets key signaling pathways implicated in neuronal survival and degeneration.

The company’s lead investigational candidate, IKT-148009, is a brain-penetrant inhibitor of PDK1 and ABL kinases.