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

Zacks Investment Research downgraded shares of Ikena Oncology (NASDAQ:IKNAGet Rating) from a buy rating to a hold rating in a research note published on Wednesday morning, 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 firms have also commented on IKNA. Credit Suisse Group cut their price objective on Ikena Oncology from $27.00 to $24.00 in a research report on Thursday, March 17th. HC Wainwright boosted their price target on 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 $3.72 on Wednesday. Ikena Oncology has a 1 year low of $2.83 and a 1 year high of $21.18. The firm has a 50 day moving average price of $5.72 and a 200 day moving average price of $9.73.

Ikena Oncology (NASDAQ:IKNAGet Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.05). On average, analysts expect that Ikena Oncology will post -1.83 earnings per share for the current year.

A number of large investors have recently bought and sold shares of IKNA. Legal & General Group Plc increased its position in shares of Ikena Oncology by 143.9% during the fourth quarter. Legal & General Group Plc now owns 2,273 shares of the company’s stock worth $29,000 after acquiring an additional 1,341 shares during the last quarter. Baystate Wealth Management LLC purchased a new stake in Ikena Oncology during the 4th quarter worth approximately $38,000. Morgan Stanley raised its position in shares of Ikena Oncology by 787.6% in the 3rd quarter. Morgan Stanley now owns 3,231 shares of the company’s stock valued at $41,000 after purchasing an additional 2,867 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Ikena Oncology during the 1st quarter valued at approximately $49,000. Finally, Wells Fargo & Company MN acquired a new stake in shares of Ikena Oncology during the second quarter worth approximately $59,000. 67.33% of the stock is owned by institutional investors.

About Ikena Oncology (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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