Inhibikase Therapeutics (NYSE:IKT) Trading Up 1.2% – What’s Next?

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

Wall Street Analyst Weigh In

IKT has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Inhibikase Therapeutics in a report on Friday, December 26th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Inhibikase Therapeutics in a research note on Monday, December 29th. Finally, Cantor Fitzgerald initiated coverage on shares of Inhibikase Therapeutics in a research report on Thursday, December 11th. They issued an “overweight” rating and a $4.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.00.

Inhibikase Therapeutics Stock Performance

The company has a market cap of $125.54 million, a P/E ratio of -0.63 and a beta of 0.84. The business’s fifty day moving average is $1.66 and its two-hundred day moving average is $1.68.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Inhibikase Therapeutics by 74.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,937 shares of the company’s stock valued at $81,000 after purchasing an additional 21,358 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Inhibikase Therapeutics during the third quarter valued at $116,000. ADAR1 Capital Management LLC raised its holdings in shares of Inhibikase Therapeutics by 2.5% in the third quarter. ADAR1 Capital Management LLC now owns 5,247,603 shares of the company’s stock valued at $8,501,000 after acquiring an additional 125,498 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Inhibikase Therapeutics by 70.3% in the third quarter. BNP Paribas Financial Markets now owns 15,640 shares of the company’s stock worth $25,000 after acquiring an additional 6,458 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Inhibikase Therapeutics by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,273,339 shares of the company’s stock worth $5,303,000 after acquiring an additional 48,969 shares in the last quarter. Institutional investors own 3.81% of the company’s stock.

Inhibikase Therapeutics Company Profile

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.