Inotek Pharmaceuticals Corp. (ITEK) Sees Unusually-High Trading Volume
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) saw unusually-high trading volume on Tuesday . Approximately 662,369 shares changed hands during trading, an increase of 161% from the previous session’s volume of 254,005 shares.The stock last traded at $7.15 and had previously closed at $6.95.
ITEK has been the subject of a number of analyst reports. Piper Jaffray Cos. set a $29.00 price objective on Inotek Pharmaceuticals Corp. and gave the stock a “buy” rating in a research note on Wednesday, July 20th. Canaccord Genuity restated a “buy” rating on shares of Inotek Pharmaceuticals Corp. in a research note on Saturday, May 14th.
The firm’s market cap is $191.47 million. The stock’s 50-day moving average is $7.61 and its 200 day moving average is $8.07.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last posted its earnings results on Wednesday, August 10th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.07. On average, equities research 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 raised its stake in Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) by 1.1% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,919,852 shares of the company’s stock after buying an additional 21,028 shares during the period. Jennison Associates LLC owned 7.27% of Inotek Pharmaceuticals Corp. worth $21,752,000 at the end of the most recent reporting period.
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.