Canaccord Genuity cut shares of Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports.

Separately, HC Wainwright downgraded Inotek Pharmaceuticals Corporation from a buy rating to a neutral rating and set a $2.00 price target on the stock. in a research note on Tuesday, July 11th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Inotek Pharmaceuticals Corporation has an average rating of Hold and a consensus target price of $3.80.

Shares of Inotek Pharmaceuticals Corporation (NASDAQ ITEK) traded up 12.90% on Wednesday, hitting $1.05. The stock had a trading volume of 1,834,094 shares. The company’s market cap is $28.34 million. The firm’s 50-day moving average is $1.80 and its 200-day moving average is $2.27. Inotek Pharmaceuticals Corporation has a one year low of $0.85 and a one year high of $9.90.

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last posted its quarterly earnings results on Wednesday, May 10th. The biotechnology company reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by $0.01. On average, analysts expect that Inotek Pharmaceuticals Corporation will post ($1.45) EPS for the current fiscal year.

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Several hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in Inotek Pharmaceuticals Corporation by 276.0% in the first quarter. Goldman Sachs Group Inc. now owns 58,758 shares of the biotechnology company’s stock worth $118,000 after buying an additional 43,131 shares during the period. Minerva Advisors LLC acquired a new stake in Inotek Pharmaceuticals Corporation during the first quarter worth $126,000. Columbus Circle Investors increased its stake in Inotek Pharmaceuticals Corporation by 78.4% in the first quarter. Columbus Circle Investors now owns 385,229 shares of the biotechnology company’s stock worth $770,000 after buying an additional 169,262 shares during the period. Highbridge Capital Management LLC increased its stake in Inotek Pharmaceuticals Corporation by 183.2% in the fourth quarter. Highbridge Capital Management LLC now owns 90,947 shares of the biotechnology company’s stock worth $554,000 after buying an additional 58,828 shares during the period. Finally, Putnam Investments LLC increased its stake in Inotek Pharmaceuticals Corporation by 1.3% in the fourth quarter. Putnam Investments LLC now owns 34,520 shares of the biotechnology company’s stock worth $211,000 after buying an additional 447 shares during the period. Hedge funds and other institutional investors own 38.49% of the company’s stock.

Inotek Pharmaceuticals Corporation Company Profile

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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