Wedbush Issues Pessimistic Forecast for Ikena Oncology (NASDAQ:IKNA) Stock Price

Key Points

• Wedbush has downgraded Ikena Oncology's price target from $25.00 to $23.00, maintaining a "neutral" rating on the stock.
• Ikena Oncology's shares traded down 0.4% to $1.37, with a 12-month trading range of $0.97 to $1.94.
• The company reported earnings of ($0.06) per share, exceeding expectations of ($0.14) despite a projected EPS of -0.91 for the current fiscal year.
• Institutional investors own 75.00% of Ikena's stock, with notable changes in positions from firms like Goldman Sachs and Aldebaran Capital.

Ikena Oncology (NASDAQ:IKNA - Get Free Report) had its target price decreased by Wedbush from $25.00 to $23.00 in a report issued on Friday, MarketBeat reports. The brokerage currently has a "neutral" rating on the stock.

Ikena Oncology Stock Performance

IKNA traded up $0.06 during trading on Friday, reaching $1.43. 445,143 shares of the company's stock were exchanged, compared to its average volume of 411,726. The company's fifty day moving average price is $1.31 and its 200-day moving average price is $1.32. The firm has a market capitalization of $69.01 million, a PE ratio of -2.23 and a beta of 0.50. Ikena Oncology has a fifty-two week low of $0.97 and a fifty-two week high of $1.94.

Ikena Oncology's stock is scheduled to reverse split before the market opens on Monday, July 28th. The 1-12 reverse split was announced on Friday, July 25th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, July 25th.

Ikena Oncology (NASDAQ:IKNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. Research analysts forecast that Ikena Oncology will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ikena Oncology

Several institutional investors and hedge funds have recently made changes to their positions in IKNA. Northern Trust Corp boosted its stake in Ikena Oncology by 19.7% in the 4th quarter. Northern Trust Corp now owns 57,565 shares of the company's stock worth $94,000 after purchasing an additional 9,456 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Ikena Oncology by 62.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 76,464 shares of the company's stock worth $98,000 after buying an additional 29,369 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Ikena Oncology during the 4th quarter worth about $72,000. XTX Topco Ltd boosted its stake in shares of Ikena Oncology by 350.6% during the 1st quarter. XTX Topco Ltd now owns 56,452 shares of the company's stock worth $72,000 after buying an additional 43,924 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Ikena Oncology during the 4th quarter worth about $72,000. Institutional investors and hedge funds own 75.00% of the company's stock.

Ikena Oncology Company Profile

Ikena Oncology, Inc operates as an oncology company that develops differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance in the United States. Its lead program is IK-930, an internally discovered, oral, TEAD1-selective, small molecule inhibitor of the Hippo pathway.