Inotek Pharmaceuticals Corp’s (ITEK) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) in a research report report published on Friday. The firm currently has a $7.00 target price on the stock.

A number of other research firms have also issued reports on ITEK. Canaccord Genuity set a $20.00 price target on shares of Inotek Pharmaceuticals Corp and gave the stock a buy rating in a research report on Tuesday, December 20th. Roth Capital began coverage on shares of Inotek Pharmaceuticals Corp in a research report on Thursday, December 1st. They set a buy rating and a $10.00 price target for the company. Piper Jaffray Companies lowered shares of Inotek Pharmaceuticals Corp from an overweight rating to a neutral rating and set a $3.00 price target for the company. in a research report on Tuesday, January 3rd. Finally, Zacks Investment Research lowered shares of Inotek Pharmaceuticals Corp from a hold rating to a sell rating in a research report on Wednesday, January 11th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Inotek Pharmaceuticals Corp has a consensus rating of Buy and an average price target of $5.75.

Shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) traded down 2.70% during trading on Friday, hitting $1.80. 1,436,113 shares of the company were exchanged. The firm’s market capitalization is $48.47 million. The firm’s 50-day moving average price is $1.63 and its 200 day moving average price is $5.23. Inotek Pharmaceuticals Corp has a 12 month low of $1.50 and a 12 month high of $10.90.

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In other news, insider David P. Southwell bought 60,000 shares of the business’s stock in a transaction dated Friday, January 6th. The stock was purchased at an average cost of $1.75 per share, with a total value of $105,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 11.70% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the stock. Putnam Investments LLC raised its position in Inotek Pharmaceuticals Corp by 1.3% in the fourth quarter. Putnam Investments LLC now owns 34,520 shares of the company’s stock valued at $211,000 after buying an additional 447 shares during the period. Senzar Asset Management LLC purchased a new position in Inotek Pharmaceuticals Corp during the fourth quarter valued at $2,516,000. New Leaf Venture Partners L.L.C. purchased a new position in Inotek Pharmaceuticals Corp during the fourth quarter valued at $380,000. Trexquant Investment LP purchased a new position in Inotek Pharmaceuticals Corp during the fourth quarter valued at $145,000. Finally, FT Options LLC raised its position in Inotek Pharmaceuticals Corp by 15.5% in the fourth quarter. FT Options LLC now owns 181,172 shares of the company’s stock valued at $1,105,000 after buying an additional 24,308 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Inotek Pharmaceuticals Corp Company Profile

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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