Eikon Therapeutics (NASDAQ:EIKN) Stock Rating Raised to "Strong-Buy" at HC Wainwright

Key Points

• HC Wainwright upgraded Eikon Therapeutics to “strong buy,” while MarketBeat’s analyst consensus remains “moderate buy” with a $24.67 target price.
• EIKN shares fell to $7.42 and are trading below their 50-day and 200-day moving averages. The company also reported a quarterly EPS loss of $1.63, slightly worse than the $1.61 analyst estimate.
• Insider and institutional activity was supportive: a major shareholder bought 89,200 shares, while BlackRock increased its position by 29% and several other institutions established new stakes.

Eikon Therapeutics (NASDAQ:EIKN - Get Free Report) was upgraded by research analysts at HC Wainwright to a "strong-buy" rating in a research report issued to clients and investors on Friday, Zacks reports.

Other research analysts have also recently issued research reports about the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Eikon Therapeutics in a report on Friday, August 21st. Wedbush reduced their price objective on shares of Eikon Therapeutics from $5.00 to $4.00 and set an "underperform" rating on the stock in a report on Friday, August 14th. Mizuho raised shares of Eikon Therapeutics to a "strong-buy" rating in a research report on Wednesday, September 16th. Finally, Weiss Ratings upgraded shares of Eikon Therapeutics from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Eikon Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.67.

Eikon Therapeutics Stock Performance

Shares of EIKN traded down $0.12 during midday trading on Friday, hitting $7.42. The company had a trading volume of 482,772 shares, compared to its average volume of 620,045. The company's 50-day simple moving average is $9.41 and its 200-day simple moving average is $9.93. The firm has a market capitalization of $401.94 million and a P/E ratio of -1.81. Eikon Therapeutics has a 1 year low of $6.45 and a 1 year high of $17.40.

Eikon Therapeutics (NASDAQ:EIKN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($1.63) EPS for the quarter, missing analysts' consensus estimates of ($1.61) by ($0.02). Equities analysts predict that Eikon Therapeutics will post -7.24 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Group Iv Gp Lp Column purchased 89,200 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were purchased at an average price of $11.56 per share, for a total transaction of $1,031,152.00. Following the purchase, the insider directly owned 89,200 shares of the company's stock, valued at $1,031,152. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Eikon Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EIKN. BlackRock Inc. grew its position in shares of Eikon Therapeutics by 29.0% during the second quarter. BlackRock Inc. now owns 4,281,425 shares of the company's stock worth $55,873,000 after acquiring an additional 962,046 shares during the last quarter. State Street Corp purchased a new stake in Eikon Therapeutics in the 2nd quarter valued at $4,621,000. Comprehensive Financial Management LLC purchased a new stake in Eikon Therapeutics in the 2nd quarter valued at $1,517,000. Parkman Healthcare Partners LLC purchased a new stake in Eikon Therapeutics in the 2nd quarter valued at $3,341,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Eikon Therapeutics during the 2nd quarter worth $461,000.

Eikon Therapeutics Company Profile

Eikon Therapeutics is a biotechnology company focused on discovering and developing medicines using advanced single-molecule imaging, cell biology and computational technologies. Its platform is designed to track the behavior of proteins and other molecular targets in living cells, with the goal of improving the understanding of disease biology and identifying potential drug candidates.

The company is developing a pipeline of therapeutics, including investigational treatments in areas such as oncology and other serious diseases.

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