Inotek Pharmaceuticals Corp. (ITEK) Shares Down 4.5%
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) shares fell 4.5% during trading on Wednesday . The company traded as low as $8.07 and last traded at $8.13, with a volume of 90,712 shares trading hands. The stock had previously closed at $8.51.
A number of brokerages have commented on ITEK. Piper Jaffray Cos. restated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research note on Thursday, May 12th. Canaccord Genuity restated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research note on Saturday, May 14th.
The company’s market capitalization is $215.08 million. The stock has a 50 day moving average of $8.13 and a 200-day moving average of $8.26.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last posted its quarterly earnings results 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. Analysts expect that Inotek Pharmaceuticals Corp. will post ($1.62) earnings per share for the current year.
In related news, Director J Martin Carroll purchased 10,000 shares of the business’s stock in a transaction dated Friday, May 13th. The shares were bought at an average price of $9.03 per share, with a total value of $90,300.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $90,300. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Several hedge funds and institutional investors recently bought and sold shares of ITEK. Jennison Associates LLC increased 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 period. EAM Investors LLC increased 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 period. Finally, Jennison Associates increased 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 period.
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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