HC Wainwright Reiterates “Buy” Rating for Inotek Pharmaceuticals Corporation (ITEK)

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a note issued to investors on Friday, May 12th. They presently have a $7.00 target price on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 273.33% from the stock’s current price.

A number of other brokerages also recently issued reports on ITEK. Zacks Investment Research raised Inotek Pharmaceuticals Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, January 17th. Canaccord Genuity set a $3.00 target price on Inotek Pharmaceuticals Corporation and gave the stock a “buy” rating in a research note on Thursday, March 16th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Inotek Pharmaceuticals Corporation currently has a consensus rating of “Buy” and a consensus target price of $5.75.

Shares of Inotek Pharmaceuticals Corporation (NASDAQ ITEK) traded down 2.597% during trading on Friday, reaching $1.875. 401,967 shares of the company were exchanged. Inotek Pharmaceuticals Corporation has a 1-year low of $1.50 and a 1-year high of $9.90. The firm’s market capitalization is $50.60 million. The firm’s 50 day moving average is $1.80 and its 200 day moving average is $2.59.

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last announced its earnings results on Wednesday, May 10th. The biotechnology company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.01. On average, equities analysts anticipate that Inotek Pharmaceuticals Corporation will post ($1.70) EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. Putnam Investments LLC increased its position in Inotek Pharmaceuticals Corporation by 1.3% in the fourth quarter. Putnam Investments LLC now owns 34,520 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 447 shares during the last quarter. Morgan Stanley increased its position in Inotek Pharmaceuticals Corporation by 13.1% in the first quarter. Morgan Stanley now owns 67,432 shares of the biotechnology company’s stock valued at $135,000 after buying an additional 7,813 shares during the last quarter. State Street Corp increased its position in Inotek Pharmaceuticals Corporation by 3.5% in the fourth quarter. State Street Corp now owns 265,532 shares of the biotechnology company’s stock valued at $1,618,000 after buying an additional 8,946 shares during the last quarter. Wells Fargo & Company MN bought a new position in Inotek Pharmaceuticals Corporation during the third quarter valued at $101,000. Finally, Trexquant Investment LP bought a new position in Inotek Pharmaceuticals Corporation during the fourth quarter valued at $145,000. 39.48% of the stock is owned by hedge funds and other institutional investors.

About Inotek Pharmaceuticals Corporation

Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that the Company has designed to lower intraocular pressure (IOP) by restoring the eye’s natural pressure control mechanism.

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