BlackRock Inc. Buys 962,046 Shares of Eikon Therapeutics, Inc. $EIKN

Key Points

• BlackRock increased its Eikon Therapeutics stake by 29%, purchasing 962,046 additional shares to hold 4.28 million shares, or approximately 7.91% of the company, valued at $55.9 million.
• Analyst sentiment remains mixed: Wedbush lowered its price target to $4 and maintained an “underperform” rating, while Cantor Fitzgerald reaffirmed “overweight.” Overall, the stock carries a consensus “Hold” rating and a $25 price target.
• Eikon shares were down 4.7% and opened at $10.46, while the company reported a quarterly loss of $1.63 per share, slightly worse than the $1.61 consensus estimate.

BlackRock Inc. raised its position in shares of Eikon Therapeutics, Inc. (NASDAQ:EIKN - Free Report) by 29.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,281,425 shares of the company's stock after acquiring an additional 962,046 shares during the period. BlackRock Inc. owned approximately 7.91% of Eikon Therapeutics worth $55,873,000 at the end of the most recent quarter.

Separately, Deutsche Bank AG acquired a new stake in shares of Eikon Therapeutics during the second quarter worth $281,000.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on EIKN shares. Wedbush cut their price objective on shares of Eikon Therapeutics from $5.00 to $4.00 and set an "underperform" rating for the company in a report on Friday, August 14th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Eikon Therapeutics in a report on Friday, August 21st. Finally, Weiss Ratings upgraded shares of Eikon Therapeutics from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $25.00.

Eikon Therapeutics Stock Down 4.7%

Shares of NASDAQ:EIKN opened at $10.46 on Tuesday. The firm has a 50 day moving average price of $10.56. The firm has a market cap of $566.62 million and a PE ratio of -2.56. Eikon Therapeutics, Inc. has a 12 month low of $7.90 and a 12 month 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 the consensus estimate of ($1.61) by ($0.02). On average, sell-side analysts forecast that Eikon Therapeutics, Inc. will post -7.24 EPS for the current fiscal year.

Eikon Therapeutics Company Profile

We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important, innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications.

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