Inotek Pharmaceuticals (ITEK) Upgraded by BidaskClub to “Strong-Buy”

Inotek Pharmaceuticals (NASDAQ:ITEK) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

Separately, Zacks Investment Research downgraded shares of Inotek Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th.

Shares of Inotek Pharmaceuticals (NASDAQ:ITEK) traded down $0.16 during trading hours on Friday, hitting $3.04. 394,100 shares of the stock traded hands, compared to its average volume of 753,067. The stock has a market cap of $340.28 and a P/E ratio of -2.19. The company has a quick ratio of 27.63, a current ratio of 27.63 and a debt-to-equity ratio of 0.97. Inotek Pharmaceuticals has a twelve month low of $0.85 and a twelve month high of $3.80.

A number of hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP raised its position in Inotek Pharmaceuticals by 135.0% in the 3rd quarter. GSA Capital Partners LLP now owns 367,300 shares of the biotechnology company’s stock valued at $654,000 after purchasing an additional 211,000 shares during the last quarter. Pura Vida Investments LLC purchased a new stake in Inotek Pharmaceuticals in the 3rd quarter valued at $2,039,000. Point72 Asset Management L.P. purchased a new stake in Inotek Pharmaceuticals in the 3rd quarter valued at $1,131,000. Boothbay Fund Management LLC raised its position in Inotek Pharmaceuticals by 94.0% in the 3rd quarter. Boothbay Fund Management LLC now owns 139,731 shares of the biotechnology company’s stock valued at $249,000 after purchasing an additional 67,687 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in Inotek Pharmaceuticals in the 3rd quarter valued at $2,771,000. Hedge funds and other institutional investors own 37.00% of the company’s stock.

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About Inotek Pharmaceuticals

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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