Ikena Oncology (NASDAQ:IKNA) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Ikena Oncology (NASDAQ:IKNA) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Ikena Oncology Inc. is focused on developing cancer therapies targeting key signaling pathways which drive the formation and spread of cancer. The company’s product candidates include IK-930, IK-175, IK-412 and IK-007, which are in clinical stage. Ikena Oncology Inc. is based in Boston, United States. “

Separately, HC Wainwright began coverage on Ikena Oncology in a report on Thursday, December 23rd. They set a buy rating and a $25.00 price target on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $21.33.

Shares of NASDAQ:IKNA opened at $11.37 on Wednesday. Ikena Oncology has a 1 year low of $9.63 and a 1 year high of $37.61. The stock’s 50-day moving average is $14.05 and its 200 day moving average is $12.99.

Ikena Oncology (NASDAQ:IKNA) last announced its quarterly earnings results on Wednesday, November 10th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.02. The business had revenue of $3.75 million for the quarter, compared to analysts’ expectations of $2.92 million. On average, analysts expect that Ikena Oncology will post -2.87 earnings per share for the current fiscal year.

In other news, Director Jean Francois Formela sold 11,989 shares of the business’s stock in a transaction that occurred on Friday, December 10th. The stock was sold at an average price of $15.03, for a total value of $180,194.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Venture Fund Xi L.P. Atlas sold 5,959 shares of the business’s stock in a transaction that occurred on Tuesday, December 14th. The stock was sold at an average price of $14.00, for a total value of $83,426.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,314 shares of company stock worth $400,764.

Several institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley boosted its position in shares of Ikena Oncology by 787.6% in the 3rd quarter. Morgan Stanley now owns 3,231 shares of the company’s stock worth $41,000 after purchasing an additional 2,867 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Ikena Oncology in the 2nd quarter valued at approximately $49,000. Wells Fargo & Company MN bought a new position in Ikena Oncology in the 2nd quarter valued at approximately $59,000. Bank of America Corp DE bought a new position in Ikena Oncology in the 2nd quarter valued at approximately $60,000. Finally, Bank of New York Mellon Corp lifted its position in Ikena Oncology by 26.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 22,874 shares of the company’s stock valued at $288,000 after acquiring an additional 4,801 shares in the last quarter. 58.16% of the stock is currently owned by hedge funds and other institutional investors.

About Ikena Oncology

Ikena Oncology, Inc, a targeted oncology company, focuses on developing novel cancer therapies targeting key signaling pathways that drive the formation and spread of cancer. Its lead targeted oncology product candidate is IK-930, an oral small molecule inhibitor of the transcriptional enhanced associate domain, transcription factor in the Hippo signaling pathway.

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