Inotek Pharmaceuticals Corp. (ITEK) Trading Down 26.2%
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) shares were down 26.2% during mid-day trading on Monday . The stock traded as low as $6.61 and last traded at $7.00, with a volume of 1,172,074 shares traded. The stock had previously closed at $9.48.
Several research analysts recently issued reports on ITEK shares. Piper Jaffray Cos. restated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research report on Thursday, May 12th. Canaccord Genuity restated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research report on Saturday, May 14th.
The company has a 50 day moving average of $8.08 and a 200-day moving average of $8.12. The stock’s market capitalization is $177.83 million.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by $0.16. Equities analysts anticipate that Inotek Pharmaceuticals Corp. will post ($1.62) earnings per share for the current fiscal year.
In related news, Director J Martin Carroll bought 10,000 shares of the business’s stock in a transaction on Friday, May 13th. The stock was bought at an average price of $9.03 per share, for a total transaction of $90,300.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $90,300. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
A hedge fund recently raised its stake in Inotek Pharmaceuticals Corp. stock. Jennison Associates increased its position in Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) by 28.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,898,824 shares of the company’s stock after buying an additional 424,369 shares during the period. Jennison Associates owned approximately 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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