Inhibikase Therapeutics (NASDAQ:IKT) Shares Down 3.9% - Here's What Happened

Key Points

• Inhibikase Therapeutics shares fell 3.9% during midday trading, with the stock dipping to $1.95 after closing at $2.04 the previous day. Trading volume was well below average at 356,365 shares, down 59% from normal activity.
• Analyst sentiment remains mostly positive despite the decline. Oppenheimer initiated coverage with an outperform rating and a $5.00 target, while the stock’s consensus rating is Buy with an average target price of $5.40.
• The company recently reported earnings of -$0.10 per share, matching Wall Street expectations. Inhibikase is a clinical-stage pharmaceutical company focused on treatments for Parkinson’s disease and related disorders.

Shares of Inhibikase Therapeutics, Inc. (NASDAQ:IKT - Get Free Report) fell 3.9% during mid-day trading on Monday . The stock traded as low as $1.95 and last traded at $1.96. 356,365 shares were traded during trading, a decline of 59% from the average daily volume of 865,507 shares. The stock had previously closed at $2.04.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IKT shares. Oppenheimer initiated coverage on shares of Inhibikase Therapeutics in a report on Wednesday, June 10th. They set an "outperform" rating and a $5.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Inhibikase Therapeutics in a report on Tuesday, April 21st. Four analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $5.40.

Inhibikase Therapeutics Stock Down 3.9%

The stock has a 50 day moving average of $1.82 and a 200 day moving average of $1.80. The company has a market capitalization of $258.78 million, a price-to-earnings ratio of -4.56 and a beta of 0.94.

Inhibikase Therapeutics (NASDAQ:IKT - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). As a group, sell-side analysts anticipate that Inhibikase Therapeutics, Inc. will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Inhibikase Therapeutics

A number of institutional investors have recently modified their holdings of IKT. Sands Capital Alternatives LLC increased its position in shares of Inhibikase Therapeutics by 18.9% during the fourth quarter. Sands Capital Alternatives LLC now owns 13,018,965 shares of the company's stock worth $26,689,000 after buying an additional 2,068,965 shares during the period. Spruce Street Capital LP acquired a new position in Inhibikase Therapeutics in the fourth quarter valued at $7,342,000. Seven Fleet Capital Management LP acquired a new position in Inhibikase Therapeutics in the fourth quarter valued at $1,094,000. Sanctuary Advisors LLC bought a new stake in Inhibikase Therapeutics during the fourth quarter valued at $26,000. Finally, Virtu Financial LLC boosted its position in Inhibikase Therapeutics by 70.1% during the fourth quarter. Virtu Financial LLC now owns 22,869 shares of the company's stock valued at $47,000 after acquiring an additional 9,423 shares during the last quarter. 3.81% of the stock is owned by institutional investors.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc, a clinical stage pharmaceutical company, develops therapeutics for Parkinson's Disease (PD) and related disorders that arise inside and outside of the brain. The company's product candidates include IkT-148009, a small molecule Abelson tyrosine kinase inhibitor for use in the treatment of PD, as well as gastrointestinal complications that arise as early symptoms of PD, such as swallowing, dysphagia, neurogenic constipation, and multiple system atrophy; and IkT-001Pro, a prodrug of the anti-cancer agent Imatinib that is in preclinical development to minimize gastrointestinal side effects and for the treatment of blood and stomach cancers.

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