Inotek Pharmaceuticals Corp. (ITEK) Trading Up 3.1%
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) was up 3.1% during trading on Thursday . The stock traded as high as $8.90 and last traded at $8.88, with a volume of 90,238 shares traded. The stock had previously closed at $8.61.
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 company’s 50-day moving average is $8.07 and its 200-day moving average is $8.18. The stock’s market capitalization is $234.64 million.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last released its quarterly earnings results on Wednesday, May 11th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.22) by $0.16. On average, analysts predict that Inotek Pharmaceuticals Corp. will post ($1.62) earnings per share for the current year.
In other news, Director J Martin Carroll purchased 10,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $90,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. 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 valued at $17,849,000 after buying an additional 424,369 shares during the period. 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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