Inozyme Pharma (NASDAQ:INZY) Stock Rating Lowered by Zacks Investment Research

Inozyme Pharma (NASDAQ:INZYGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

According to Zacks, “Inozyme Pharma Inc. is a biopharmaceutical company. It engages in developing therapeutics for treating abnormal mineralization impacting the vasculature, soft tissue and skeleton diseases. The company’s product candidate consist INZ-701, which is in clinical stage. Inozyme Pharma Inc. is based in Boston, Massachusetts. “

Several other brokerages have also recently weighed in on INZY. HC Wainwright started coverage on Inozyme Pharma in a research note on Monday, February 7th. They issued a “buy” rating and a $33.00 price target on the stock. Wedbush dropped their target price on Inozyme Pharma from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Tuesday, May 10th. Jefferies Financial Group started coverage on Inozyme Pharma in a report on Thursday. They issued a “hold” rating and a $5.00 target price on the stock. Finally, Needham & Company LLC started coverage on Inozyme Pharma in a report on Thursday, April 14th. They issued a “buy” rating and a $23.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Inozyme Pharma presently has a consensus rating of “Buy” and an average price target of $17.70.

INZY stock traded up $0.03 during midday trading on Friday, hitting $3.97. The stock had a trading volume of 75,942 shares, compared to its average volume of 167,128. The firm has a market cap of $159.19 million, a price-to-earnings ratio of -1.51 and a beta of 1.12. The business has a 50-day moving average of $4.25 and a two-hundred day moving average of $5.91. Inozyme Pharma has a 52-week low of $3.54 and a 52-week high of $19.58.

Inozyme Pharma (NASDAQ:INZYGet Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.11. Equities research analysts expect that Inozyme Pharma will post -2.33 EPS for the current year.

In other Inozyme Pharma news, Director Robert Lorne Hopfner purchased 1,070,000 shares of the stock in a transaction dated Tuesday, April 19th. The shares were purchased at an average cost of $3.69 per share, with a total value of $3,948,300.00. Following the completion of the acquisition, the director now directly owns 2,661,154 shares in the company, valued at approximately $9,819,658.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Axel Bolte purchased 67,750 shares of the stock in a transaction dated Tuesday, April 19th. The shares were acquired at an average cost of $3.69 per share, for a total transaction of $249,997.50. Following the completion of the acquisition, the chief executive officer now owns 258,575 shares of the company’s stock, valued at $954,141.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 2,519,850 shares of company stock worth $9,298,247. Corporate insiders own 11.29% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. PDT Partners LLC bought a new position in Inozyme Pharma in the first quarter valued at about $42,000. Renaissance Technologies LLC bought a new position in Inozyme Pharma in the first quarter valued at about $49,000. Citigroup Inc. lifted its holdings in Inozyme Pharma by 241.6% in the first quarter. Citigroup Inc. now owns 12,517 shares of the company’s stock valued at $51,000 after acquiring an additional 8,853 shares during the period. Wells Fargo & Company MN lifted its holdings in Inozyme Pharma by 16,531.3% in the fourth quarter. Wells Fargo & Company MN now owns 7,983 shares of the company’s stock valued at $54,000 after acquiring an additional 7,935 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Inozyme Pharma by 4,030.0% in the fourth quarter. Bank of America Corp DE now owns 11,853 shares of the company’s stock valued at $81,000 after acquiring an additional 11,566 shares during the period.

Inozyme Pharma Company Profile (Get Rating)

Inozyme Pharma, Inc, a rare disease biopharmaceutical company, engages in developing therapeutics for treating abnormal mineralization impacting the vasculature, soft tissue, and skeleton diseases. The company's lead product candidate is INZ-701, a soluble, recombinant protein to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies, as well as for the treatment of calciphylaxis.

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