Mizuho Upgrades Eikon Therapeutics (NASDAQ:EIKN) to "Strong-Buy"

Key Points

• Mizuho upgraded Eikon Therapeutics to “strong-buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $25.00.
• Eikon shares opened at $8.60, near their 52-week low of $7.90, and rose 1.1%; the company recently reported a quarterly loss of $1.63 per share, slightly worse than the expected $1.61 loss.
• Insider and institutional activity was positive, including a 89,200-share purchase by a major shareholder and BlackRock increasing its position by 29% during the second quarter.

Eikon Therapeutics (NASDAQ:EIKN - Get Free Report) was upgraded by analysts at Mizuho to a "strong-buy" rating in a note issued to investors on Wednesday, Zacks reports.

EIKN has been the topic of several other research reports. Wedbush decreased their price target on shares of Eikon Therapeutics from $5.00 to $4.00 and set an "underperform" rating on the stock in a research report on Friday, August 14th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Eikon Therapeutics in a research report on Friday, August 21st. Finally, Weiss Ratings raised Eikon Therapeutics from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Eikon Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $25.00.

Eikon Therapeutics Trading Up 1.1%

Shares of Eikon Therapeutics stock opened at $8.60 on Wednesday. Eikon Therapeutics has a 52 week low of $7.90 and a 52 week high of $17.40. The stock has a market cap of $465.86 million and a PE ratio of -2.10. The company's 50-day moving average price is $10.19 and its two-hundred day moving average price is $10.62.

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

Insiders Place Their Bets

In other news, major shareholder Group Iv Gp Lp Column bought 89,200 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were bought at an average cost of $11.56 per share, with a total value of $1,031,152.00. Following the purchase, the insider directly owned 89,200 shares in the company, valued at $1,031,152. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of Eikon Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in Eikon Therapeutics by 29.0% during the second quarter. BlackRock Inc. now owns 4,281,425 shares of the company's stock valued at $55,873,000 after buying an additional 962,046 shares during the period. Parkman Healthcare Partners LLC acquired a new stake in Eikon Therapeutics during the 2nd quarter worth about $3,341,000. Comprehensive Financial Management LLC acquired a new stake in Eikon Therapeutics during the 2nd quarter worth about $1,517,000. Bank of New York Mellon Corp purchased a new position in Eikon Therapeutics during the 2nd quarter valued at about $624,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Eikon Therapeutics during the 2nd quarter valued at about $461,000.

Eikon Therapeutics Company Profile

Eikon Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines by combining advanced live-cell imaging with drug discovery and development. The company's platform is designed to track individual molecules and cellular processes in real time, providing researchers with detailed insight into how potential therapies work inside living cells.

Eikon applies this technology primarily to the development of treatments for serious diseases, including cancer and other conditions involving complex biological pathways.

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