Inhibikase Therapeutics (NASDAQ:IKT) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Inhibikase Therapeutics from “sell” to “strong sell,” despite the stock maintaining an overall “Moderate Buy” consensus rating and a $4.75 average analyst price target.
• IKT opened at $1.55, near its 52-week low of $1.33, and recently reported quarterly EPS of $(0.11), missing the $(0.09) consensus estimate.
• Institutional and hedge-fund ownership stands at 3.81%, while the clinical-stage biotech continues developing IKT-148009, an experimental c-Abl inhibitor for Parkinson’s disease and related neurological disorders.

Inhibikase Therapeutics (NASDAQ:IKT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other equities analysts have also issued reports on IKT. LADENBURG THALM/SH SH raised Inhibikase Therapeutics to a "strong-buy" rating in a research note on Monday, July 13th. HC Wainwright reissued a "buy" rating and issued a $8.00 price objective on shares of Inhibikase Therapeutics in a research note on Friday, July 31st. Chardan Capital set a $1.50 price objective on Inhibikase Therapeutics and gave the stock a "neutral" rating in a research note on Tuesday, October 13th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Inhibikase Therapeutics in a report on Thursday, October 15th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $4.75.

Inhibikase Therapeutics Stock Performance

IKT stock opened at $1.55 on Friday. Inhibikase Therapeutics has a 52 week low of $1.33 and a 52 week high of $2.61. The firm's 50-day moving average is $2.08 and its two-hundred day moving average is $1.93.

Inhibikase Therapeutics (NASDAQ:IKT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). Equities analysts anticipate that Inhibikase Therapeutics will post -0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inhibikase Therapeutics

A number of hedge funds have recently modified their holdings of IKT. Ally Bridge Group NY LLC purchased a new position in shares of Inhibikase Therapeutics in the first quarter worth approximately $2,226,000. Kalehua Capital Management LLC lifted its position in shares of Inhibikase Therapeutics by 118.4% in the 1st quarter. Kalehua Capital Management LLC now owns 3,821,890 shares of the company's stock valued at $6,421,000 after acquiring an additional 2,071,890 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in shares of Inhibikase Therapeutics in the 1st quarter valued at approximately $2,561,000. Bank of New York Mellon Corp purchased a new stake in shares of Inhibikase Therapeutics in the 2nd quarter valued at approximately $615,000. Finally, Bank of America Corp DE boosted its stake in Inhibikase Therapeutics by 595.3% in the 1st quarter. Bank of America Corp DE now owns 322,704 shares of the company's stock worth $542,000 after purchasing an additional 276,293 shares during the period. 3.81% of the stock is currently owned by institutional investors and hedge funds.

Inhibikase Therapeutics Company Profile

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurodegenerative diseases. The company's research is based on the role of Abelson tyrosine kinase, or c-Abl, and related disease mechanisms involved in the formation and spread of abnormal proteins associated with neurological disorders.

Its lead investigational product, IKT-148009, is an orally administered, brain-penetrant c-Abl inhibitor being developed as a potential disease-modifying treatment for Parkinson's disease and related synucleinopathies.

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