Inhibikase Therapeutics (NYSE:IKT) Now Covered by Analysts at Bank of America

Bank of America began coverage on shares of Inhibikase Therapeutics (NYSE:IKT) in a report published on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $6.00 price objective on the stock.

A number of other brokerages have also recently weighed in on IKT. Cantor Fitzgerald assumed coverage on shares of Inhibikase Therapeutics in a research note on Thursday, December 11th. They set an “overweight” rating and a $4.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating on shares of Inhibikase Therapeutics in a research report on Monday, December 29th. Finally, HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Inhibikase Therapeutics in a research report on Friday, December 26th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Inhibikase Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $6.00.

Inhibikase Therapeutics Stock Up 6.1%

Inhibikase Therapeutics stock opened at $1.75 on Wednesday. The firm’s 50-day simple moving average is $1.66 and its 200 day simple moving average is $1.67. Inhibikase Therapeutics has a 52 week low of $1.33 and a 52 week high of $3.32. The firm has a market capitalization of $131.56 million, a PE ratio of -0.66 and a beta of 0.84.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in shares of Inhibikase Therapeutics by 70.3% in 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 period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Inhibikase Therapeutics during the second quarter valued at about $34,000. JPMorgan Chase & Co. increased its stake in Inhibikase Therapeutics by 74.7% during the third quarter. JPMorgan Chase & Co. now owns 49,937 shares of the company’s stock worth $81,000 after acquiring an additional 21,358 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Inhibikase Therapeutics in the 2nd quarter worth about $60,000. Finally, Intech Investment Management LLC purchased a new position in shares of Inhibikase Therapeutics in the 2nd quarter worth about $61,000. 3.81% of the stock is currently 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.