Ikena Oncology (NASDAQ:IKNA) Lowered to Hold at Zacks Investment Research

Ikena Oncology (NASDAQ:IKNAGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Ikena Oncology Inc. is focused on developing cancer therapies targeting key signaling pathways which drive the formation and spread of cancer. The company’s product candidates include IK-930, IK-175, IK-412 and IK-007, which are in clinical stage. Ikena Oncology Inc. is based in Boston, United States. “

Several other research analysts have also issued reports on IKNA. Credit Suisse Group cut their target price on shares of Ikena Oncology from $27.00 to $24.00 in a research report on Thursday, March 17th. HC Wainwright upped their target price on shares of Ikena Oncology from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 13th.

IKNA opened at $4.16 on Tuesday. The firm’s fifty day moving average price is $6.16. The stock has a market cap of $149.37 million, a price-to-earnings ratio of -1.30 and a beta of 1.26. Ikena Oncology has a one year low of $2.83 and a one year high of $24.25.

Ikena Oncology (NASDAQ:IKNAGet Rating) last released its quarterly earnings results on Thursday, March 17th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.57. The firm had revenue of $20.22 million for the quarter, compared to analysts’ expectations of $3.28 million. As a group, equities research analysts predict that Ikena Oncology will post -1.87 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc boosted its position in Ikena Oncology by 143.9% during the fourth quarter. Legal & General Group Plc now owns 2,273 shares of the company’s stock valued at $29,000 after buying an additional 1,341 shares during the period. Morgan Stanley raised its stake in shares of Ikena Oncology by 787.6% during the third quarter. Morgan Stanley now owns 3,231 shares of the company’s stock valued at $41,000 after acquiring an additional 2,867 shares during the last quarter. Baystate Wealth Management LLC bought a new position in shares of Ikena Oncology during the fourth quarter valued at about $38,000. Wells Fargo & Company MN bought a new position in shares of Ikena Oncology during the second quarter valued at about $59,000. Finally, Bank of America Corp DE bought a new position in Ikena Oncology in the second quarter worth about $60,000. Institutional investors and hedge funds own 67.33% of the company’s stock.

Ikena Oncology Company Profile (Get Rating)

Ikena Oncology, Inc, a targeted oncology company, focuses on developing medicines tailored to biomarker-defined patient groups for specific unmet needs. Its lead targeted oncology product candidate is IK-930, an oral small molecule inhibitor of the transcriptional enhanced associate domain, transcription factor in the Hippo signaling pathway.

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