Inhibikase Therapeutics (NYSE:IKT) Now Covered by Analysts at Bank of America

Research analysts at Bank of America began coverage on shares of Inhibikase Therapeutics (NYSE:IKT) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. Bank of America‘s price target indicates a potential upside of 240.91% from the company’s previous close.

A number of other analysts also recently issued reports on IKT. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Inhibikase Therapeutics in a report on Friday, December 26th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Inhibikase Therapeutics in a research note on Monday, December 29th. Finally, Cantor Fitzgerald initiated coverage on shares of Inhibikase Therapeutics in a research report on Thursday, December 11th. They set an “overweight” rating and a $4.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Inhibikase Therapeutics has a consensus rating of “Buy” and a consensus price target of $6.00.

Inhibikase Therapeutics Trading Up 6.7%

NYSE:IKT opened at $1.76 on Wednesday. The stock has a 50-day moving average price of $1.66 and a 200 day moving average price of $1.67. The stock has a market capitalization of $132.31 million, a P/E ratio of -0.66 and a beta of 0.84. Inhibikase Therapeutics has a 12-month low of $1.33 and a 12-month high of $3.32.

Institutional Investors Weigh In On Inhibikase Therapeutics

Several hedge funds have recently added to or reduced their stakes in IKT. BNP Paribas Financial Markets increased its holdings in Inhibikase Therapeutics by 70.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,640 shares of the company’s stock worth $25,000 after acquiring an additional 6,458 shares in the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in Inhibikase Therapeutics in the 2nd quarter worth approximately $34,000. JPMorgan Chase & Co. acquired a new position in shares of Inhibikase Therapeutics during the 2nd quarter worth approximately $56,000. Invesco Ltd. purchased a new stake in shares of Inhibikase Therapeutics in the second quarter valued at approximately $60,000. Finally, Intech Investment Management LLC purchased a new position in Inhibikase Therapeutics during the second quarter worth approximately $61,000. 3.81% of the stock is owned by hedge funds and other institutional investors.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company engaged in the discovery and development of small-molecule kinase inhibitors for rare neurodegenerative diseases. Headquartered in New Haven, Connecticut, the company focuses on advancing therapies for central nervous system disorders with high unmet medical need. Its research platform targets key signaling pathways implicated in neuronal survival and degeneration.

The company’s lead investigational candidate, IKT-148009, is a brain-penetrant inhibitor of PDK1 and ABL kinases.