Shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) dropped 2.2% during mid-day trading on Thursday . The company traded as low as $6.67 and last traded at $6.68, with a volume of 141,273 shares. The stock had previously closed at $6.83.

ITEK has been the subject of several research reports. Piper Jaffray Cos. reaffirmed a “buy” rating and set a $24.00 price target on shares of Inotek Pharmaceuticals Corp. in a research note on Tuesday, August 16th. Canaccord Genuity reaffirmed a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research note on Saturday, May 14th.

The firm has a 50-day moving average of $7.69 and a 200 day moving average of $8.04. The firm’s market capitalization is $181.78 million.

Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last posted its quarterly earnings data on Wednesday, August 10th. The company reported ($0.33) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.07. Equities analysts predict that Inotek Pharmaceuticals Corp. will post ($1.42) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Inotek Pharmaceuticals Corp. stock. Jennison Associates LLC increased its position in Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,919,852 shares of the company’s stock after buying an additional 21,028 shares during the period. Jennison Associates LLC owned about 7.27% of Inotek Pharmaceuticals Corp. worth $21,752,000 as of its most recent SEC filing.

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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