Inotek Pharmaceuticals Corp. (ITEK) Shares Up 2.2%
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK)’s share price shot up 2.2% during mid-day trading on Friday . The stock traded as high as $8.32 and last traded at $8.19, with a volume of 57,230 shares changing hands. The stock had previously closed at $8.01.
Several research firms have issued reports on ITEK. Canaccord Genuity reaffirmed a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a report on Saturday, May 14th. Piper Jaffray Cos. reaffirmed a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a report on Thursday, May 12th.
The company’s 50 day moving average price is $8.11 and its 200 day moving average price is $8.24. The firm’s market capitalization is $218.25 million.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last announced its earnings results on Wednesday, May 11th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by $0.16. On average, equities analysts anticipate that Inotek Pharmaceuticals Corp. will post ($1.62) EPS for the current fiscal year.
In other news, Director J Martin Carroll acquired 10,000 shares of the company’s stock in a transaction on Friday, May 13th. The shares were bought at an average cost of $9.03 per share, with a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Other institutional investors have recently made changes to their positions in the company. EAM Investors LLC boosted its position in shares of Inotek Pharmaceuticals Corp. by 29.7% in the fourth quarter. EAM Investors LLC now owns 128,911 shares of the company’s stock valued at $1,461,000 after buying an additional 29,483 shares in the last quarter. Jennison Associates boosted its position in shares of Inotek Pharmaceuticals Corp. by 28.8% in the third quarter. Jennison Associates now owns 1,898,824 shares of the company’s stock valued at $17,849,000 after buying an additional 424,369 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Inotek Pharmaceuticals Corp. by 1.1% in the fourth quarter. Jennison Associates LLC now owns 1,919,852 shares of the company’s stock valued at $21,752,000 after buying an additional 21,028 shares in 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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