Wedbush Cuts Eikon Therapeutics (NASDAQ:EIKN) Price Target to $4.00

Key Points

• Wedbush lowered Eikon Therapeutics’ price target from $5.00 to $4.00 and maintained an “underperform” rating, implying roughly 59.9% downside from the prior close.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, one a Hold and two a Sell, producing a consensus “Hold” rating and a $25.00 average price target.
• Eikon reported quarterly adjusted EPS of -$1.63, missing expectations by $0.02; analysts anticipate a full-year loss of approximately $7.06 per share.

Eikon Therapeutics (NASDAQ:EIKN - Get Free Report) had its price objective dropped by stock analysts at Wedbush from $5.00 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Wedbush's target price would indicate a potential downside of 59.90% from the stock's previous close.

Other analysts have also issued reports about the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Eikon Therapeutics in a research note on Tuesday, June 2nd. Weiss Ratings raised Eikon Therapeutics from a "sell (e-)" rating to a "sell (e)" rating in a report on Monday, August 3rd. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $25.00.

Eikon Therapeutics Stock Performance

Shares of Eikon Therapeutics stock opened at $9.97 on Friday. The company has a fifty day moving average price of $10.03. Eikon Therapeutics has a fifty-two week low of $7.90 and a fifty-two week high of $17.40. The firm has a market capitalization of $540.05 million and a price-to-earnings ratio of -4.19.

Eikon Therapeutics (NASDAQ:EIKN - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.63) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.02). As a group, equities research analysts expect that Eikon Therapeutics will post -7.06 EPS for the current year.

Institutional Trading of Eikon Therapeutics

A number of hedge funds have recently made changes to their positions in EIKN. Deutsche Bank AG purchased a new position in Eikon Therapeutics during the second quarter valued at approximately $281,000. Bank of New York Mellon Corp purchased a new stake in Eikon Therapeutics in the 2nd quarter worth approximately $624,000. Finally, BlackRock Inc. boosted its stake in shares of Eikon Therapeutics by 29.0% during the 2nd 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.

About Eikon Therapeutics

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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