Inhibikase Therapeutics (NYSE:IKT) Earns Buy Rating from Analysts at Bank of America

Analysts at Bank of America began coverage on shares of Inhibikase Therapeutics (NYSE:IKT) in a report released on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s target price indicates a potential upside of 240.91% from the stock’s current price.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald began coverage on Inhibikase Therapeutics in a research note on Thursday, December 11th. They issued an “overweight” rating and a $4.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Inhibikase Therapeutics in a report on Monday, December 29th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Inhibikase Therapeutics in a report on Friday, December 26th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.00.

Inhibikase Therapeutics Stock Up 6.7%

IKT stock opened at $1.76 on Wednesday. The firm has a market cap of $132.31 million, a price-to-earnings ratio of -0.66 and a beta of 0.84. The company’s fifty day simple moving average is $1.66 and its 200 day simple moving average is $1.67. Inhibikase Therapeutics has a 12-month low of $1.33 and a 12-month high of $3.32.

Institutional Trading of Inhibikase Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its holdings in Inhibikase Therapeutics by 277.7% in the first quarter. Goldman Sachs Group Inc. now owns 166,025 shares of the company’s stock worth $364,000 after purchasing an additional 122,073 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Inhibikase Therapeutics during the 1st quarter valued at about $255,000. Geode Capital Management LLC grew its position in Inhibikase Therapeutics by 228.5% during the second quarter. Geode Capital Management LLC now owns 1,066,700 shares of the company’s stock valued at $2,080,000 after buying an additional 741,940 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Inhibikase Therapeutics during the second quarter valued at approximately $34,000. Finally, Intech Investment Management LLC bought a new position in Inhibikase Therapeutics in the second quarter worth approximately $61,000. 3.81% of the stock is currently owned by institutional investors.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company engaged in the discovery and development of small-molecule kinase inhibitors for rare neurodegenerative diseases. Headquartered in New Haven, Connecticut, the company focuses on advancing therapies for central nervous system disorders with high unmet medical need. Its research platform targets key signaling pathways implicated in neuronal survival and degeneration.

The company’s lead investigational candidate, IKT-148009, is a brain-penetrant inhibitor of PDK1 and ABL kinases.