Inotek Pharmaceuticals Corp. (ITEK) Sees Strong Trading Volume
Shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) saw an uptick in trading volume on Tuesday . 529,208 shares were traded during trading, an increase of 141% from the previous session’s volume of 219,752 shares.The stock last traded at $6.68 and had previously closed at $6.69.
A number of research firms have recently issued reports on ITEK. Piper Jaffray Cos. set a $29.00 price objective on shares of Inotek Pharmaceuticals Corp. and gave the stock a “buy” rating in a report on Wednesday, July 20th. Canaccord Genuity reissued a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research note on Saturday, May 14th.
The firm’s market capitalization is $175.45 million. The firm has a 50 day moving average of $8.11 and a 200-day moving average of $8.13.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last announced its quarterly earnings results on Wednesday, May 11th. The company reported ($0.38) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.22) by $0.16. On average, analysts anticipate that Inotek Pharmaceuticals Corp. will post ($1.62) EPS for the current fiscal year.
In other news, Director J Martin Carroll purchased 10,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $90,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
A number of hedge funds recently bought and sold shares of the stock. RS Investment Management Co. LLC increased its stake in Inotek Pharmaceuticals Corp. by 22.6% in the fourth quarter. RS Investment Management Co. LLC now owns 1,585,006 shares of the company’s stock worth $17,958,000 after buying an additional 292,116 shares during the last quarter. Jennison Associates LLC increased its stake 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. Finally, Jennison Associates increased its stake 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.
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.