Inotek Pharmaceuticals Corp. (ITEK) Shares Down 6.2%
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) dropped 6.2% on Thursday . The company traded as low as $8.16 and last traded at $8.36, with a volume of 94,607 shares traded. The stock had previously closed at $8.91.
ITEK has been the topic of a number of recent analyst reports. Piper Jaffray Cos. reiterated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research report on Thursday, May 12th. Canaccord Genuity reiterated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research report on Saturday, May 14th.
The stock’s market capitalization is $226.45 million. The company’s 50-day moving average price is $8.24 and its 200 day moving average price is $8.32.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last released its quarterly earnings data on Wednesday, May 11th. The company reported ($0.38) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by $0.16. On average, equities research analysts anticipate that Inotek Pharmaceuticals Corp. will post ($1.62) EPS for the current year.
In related news, Director J Martin Carroll acquired 10,000 shares of Inotek Pharmaceuticals Corp. stock in a transaction on Friday, May 13th. The stock was acquired at an average price of $9.03 per share, for a total transaction of $90,300.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $90,300. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Several institutional investors recently added to or reduced their stakes in ITEK. Jennison Associates raised its position in Inotek Pharmaceuticals Corp. by 28.8% in the third quarter. Jennison Associates now owns 1,898,824 shares of the company’s stock worth $17,849,000 after buying an additional 424,369 shares during the last quarter. EAM Investors LLC raised its position in Inotek Pharmaceuticals Corp. by 29.7% in the fourth quarter. EAM Investors LLC now owns 128,911 shares of the company’s stock worth $1,461,000 after buying an additional 29,483 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Inotek Pharmaceuticals Corp. by 1.1% in the fourth quarter. Jennison Associates LLC now owns 1,919,852 shares of the company’s stock worth $21,752,000 after buying an additional 21,028 shares during the last quarter.
Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that the Company has designed to lower intraocular pressure (IOP) by restoring the eye’s natural pressure control mechanism.
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