Inhibikase Therapeutics (NASDAQ:IKT) Trading Down 4.1% – Here’s What Happened

Inhibikase Therapeutics, Inc. (NASDAQ:IKT)’s stock price was down 4.1% during trading on Monday . The stock traded as low as $2.30 and last traded at $2.31. 329,851 shares were traded during trading, a decline of 33% from the average session volume of 493,882 shares. The stock had previously closed at $2.41.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IKT. Wall Street Zen upgraded shares of Inhibikase Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 26th. Oppenheimer assumed coverage on Inhibikase Therapeutics in a research report on Wednesday, June 10th. They set an “outperform” rating and a $5.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibikase Therapeutics in a research note on Friday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Inhibikase Therapeutics in a research report on Friday, July 31st. Finally, LADENBURG THALM/SH SH raised Inhibikase Therapeutics to a “strong-buy” rating in a report on Monday, July 13th. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $5.40.

Inhibikase Therapeutics Stock Up 5.6%

The business has a 50-day simple moving average of $2.23 and a two-hundred day simple moving average of $1.95. The stock has a market capitalization of $350.80 million, a P/E ratio of -5.83 and a beta of 0.95.

Inhibikase Therapeutics (NASDAQ:IKT) last posted its earnings results on Tuesday, August 11th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). On average, sell-side analysts forecast that Inhibikase Therapeutics, Inc. will post -0.44 earnings per share for the current year.

Institutional Investors Weigh In On Inhibikase Therapeutics

Large investors have recently bought and sold shares of the business. Seven Fleet Capital Management LP boosted its stake in Inhibikase Therapeutics by 6.5% in the second quarter. Seven Fleet Capital Management LP now owns 346,900 shares of the company’s stock worth $704,000 after purchasing an additional 21,300 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Inhibikase Therapeutics in the second quarter valued at about $615,000. Bank of America Corp DE lifted its position in Inhibikase Therapeutics by 595.3% during the 1st quarter. Bank of America Corp DE now owns 322,704 shares of the company’s stock worth $542,000 after buying an additional 276,293 shares in the last quarter. Ally Bridge Group NY LLC bought a new stake in Inhibikase Therapeutics during the 1st quarter worth about $2,226,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Inhibikase Therapeutics in the 1st quarter valued at about $48,000. 3.81% of the stock is currently owned by institutional investors.

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.