Inotek Pharmaceuticals Corp. (ITEK) Sees Unusually-High Trading Volume
Shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) saw an uptick in trading volume on Tuesday . 145,014 shares changed hands during trading, an increase of 27% from the previous session’s volume of 114,635 shares.The stock last traded at $9.81 and had previously closed at $9.25.
A number of brokerages have commented on ITEK. Piper Jaffray Cos. set a $29.00 price target on shares of Inotek Pharmaceuticals Corp. and gave the company a “buy” rating in a research report on Wednesday, July 20th. Canaccord Genuity reiterated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research report on Saturday, May 14th.
The firm’s market cap is $257.62 million. The company’s 50-day moving average price is $8.09 and its 200 day moving average price is $8.12.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last announced its quarterly earnings data on Wednesday, May 11th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by $0.16. On average, equities analysts predict that Inotek Pharmaceuticals Corp. will post ($1.62) EPS for the current fiscal year.
In related news, Director J Martin Carroll acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 13th. The stock was bought at an average cost of $9.03 per share, for a total transaction of $90,300.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $90,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A hedge fund recently raised its stake in Inotek Pharmaceuticals Corp. stock. Jennison Associates increased its position in shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) by 28.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,898,824 shares of the company’s stock after buying an additional 424,369 shares during the period. Jennison Associates owned about 7.19% of Inotek Pharmaceuticals Corp. worth $17,849,000 at the end of the most recent 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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