Inhibikase Therapeutics (NASDAQ:IKT) Stock Dropped to Strong Sell by Wall Street Zen

Wall Street Zen lowered shares of Inhibikase Therapeutics (NASDAQ:IKT) from a sell rating to a strong sell rating in a report released on Saturday,Wall Street Zen reports.

Several other analysts have also issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibikase Therapeutics in a research report on Thursday, October 15th. LADENBURG THALM/SH SH raised Inhibikase Therapeutics to a “strong-buy” rating in a research note on Monday, July 13th. Chardan Capital set a $1.50 price objective on Inhibikase Therapeutics and gave the stock a “neutral” rating in a report on Tuesday, October 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Inhibikase Therapeutics in a research note on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Inhibikase Therapeutics Price Performance

Shares of IKT opened at $1.55 on Friday. The firm has a market cap of $216.29 million, a P/E ratio of -3.60 and a beta of 0.89. The stock has a 50 day simple moving average of $2.08 and a two-hundred day simple moving average of $1.93. Inhibikase Therapeutics has a 1 year low of $1.33 and a 1 year high of $2.61.

Inhibikase Therapeutics (NASDAQ:IKT) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). On average, equities analysts anticipate that Inhibikase Therapeutics will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Inhibikase Therapeutics

A number of hedge funds have recently modified their holdings of IKT. Abel Hall LLC grew its position in shares of Inhibikase Therapeutics by 15.0% in the 3rd quarter. Abel Hall LLC now owns 53,311 shares of the company’s stock worth $110,000 after buying an additional 6,959 shares during the last quarter. Spark Investment Management LLC purchased a new position in shares of Inhibikase Therapeutics during the second quarter valued at approximately $31,000. Seven Fleet Capital Management LP increased its stake in shares of Inhibikase Therapeutics by 6.5% during the second quarter. Seven Fleet Capital Management LP now owns 346,900 shares of the company’s stock valued at $704,000 after buying an additional 21,300 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Inhibikase Therapeutics during the second quarter valued at approximately $615,000. Finally, Bank of America Corp DE raised its holdings in shares of Inhibikase Therapeutics by 595.3% during the first quarter. Bank of America Corp DE now owns 322,704 shares of the company’s stock valued at $542,000 after acquiring an additional 276,293 shares in the last quarter. Hedge funds and other institutional investors own 3.81% of the company’s stock.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule therapies for neurodegenerative diseases. The company’s research is based on the role of Abelson tyrosine kinase, or c-Abl, and related disease mechanisms involved in the formation and spread of abnormal proteins associated with neurological disorders.

Its lead investigational product, IKT-148009, is an orally administered, brain-penetrant c-Abl inhibitor being developed as a potential disease-modifying treatment for Parkinson’s disease and related synucleinopathies.