Inhibikase Therapeutics (NYSE:IKT) Shares Up 1.2% – Here’s Why

Shares of Inhibikase Therapeutics, Inc. (NYSE:IKT) shot up 1.2% during mid-day trading on Friday . The company traded as high as $1.72 and last traded at $1.67. 319,024 shares were traded during mid-day trading, a decline of 37% from the average session volume of 507,020 shares. The stock had previously closed at $1.65.

Analysts Set New Price Targets

A number of research firms recently weighed in on IKT. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Inhibikase Therapeutics in a research note on Friday, December 26th. Jefferies Financial Group reissued a “buy” rating on shares of Inhibikase Therapeutics in a research report on Monday, December 29th. Finally, Cantor Fitzgerald began 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. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Inhibikase Therapeutics currently has an average rating of “Buy” and a consensus price target of $6.00.

Inhibikase Therapeutics Trading Up 1.2%

The firm’s fifty day moving average price is $1.66 and its 200-day moving average price is $1.67. The firm has a market cap of $125.54 million, a price-to-earnings ratio of -0.63 and a beta of 0.84.

Institutional Trading of Inhibikase Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in IKT. BNP Paribas Financial Markets grew its stake in Inhibikase Therapeutics by 70.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,640 shares of the company’s stock worth $25,000 after buying an additional 6,458 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Inhibikase Therapeutics during the second quarter worth approximately $34,000. JPMorgan Chase & Co. increased its holdings in shares of Inhibikase Therapeutics by 74.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 49,937 shares of the company’s stock valued at $81,000 after acquiring an additional 21,358 shares during the period. Invesco Ltd. purchased a new stake in Inhibikase Therapeutics in the 2nd quarter valued at $60,000. Finally, Intech Investment Management LLC acquired a new stake in Inhibikase Therapeutics during the 2nd quarter worth $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.