Eikon Therapeutics (NASDAQ:EIKN) Trading Up 6.9% After Insider Buying Activity

Eikon Therapeutics, Inc. (NASDAQ:EIKN)’s stock price rose 6.9% during trading on Wednesday after an insider bought additional shares in the company. The company traded as high as $11.26 and last traded at $11.4540. 81,400 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 380,711 shares. The stock had previously closed at $10.71.

Specifically, major shareholder Group Iv Gp Lp Column acquired 89,200 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were bought at an average price of $11.56 per share, for a total transaction of $1,031,152.00. Following the completion of the transaction, the insider directly owned 89,200 shares in the company, valued at approximately $1,031,152. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts have commented on EIKN shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Eikon Therapeutics in a research report on Friday, August 21st. Mizuho raised Eikon Therapeutics to a “strong-buy” rating in a report on Monday. Weiss Ratings upgraded Eikon Therapeutics from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Finally, Wedbush cut their price objective on Eikon Therapeutics from $5.00 to $4.00 and set an “underperform” rating for the company in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Eikon Therapeutics Stock Up 6.3%

The business’s fifty day moving average is $10.55 and its 200-day moving average is $10.88. The company has a market cap of $616.67 million and a PE ratio of -2.80.

Eikon Therapeutics (NASDAQ:EIKN) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.63) earnings per share for the quarter, missing the consensus estimate of ($1.61) by ($0.02). Analysts forecast that Eikon Therapeutics, Inc. will post -7.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Eikon Therapeutics

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in Eikon Therapeutics during the second quarter valued at about $624,000. Deutsche Bank AG purchased a new position in shares of Eikon Therapeutics during the 2nd quarter valued at about $281,000. BlackRock Inc. lifted its position in shares of Eikon Therapeutics by 29.0% during the 2nd quarter. BlackRock Inc. now owns 4,281,425 shares of the company’s stock valued at $55,873,000 after buying an additional 962,046 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Eikon Therapeutics by 23.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,357 shares of the company’s stock valued at $461,000 after acquiring an additional 6,734 shares during the period. Finally, Legal & General Group Plc bought a new position in shares of Eikon Therapeutics during the 2nd quarter valued at approximately $28,000.

About Eikon Therapeutics

We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important, innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications.