Inhibikase Therapeutics (NYSE:IKT) Trading Up 4.4% – Still a Buy?

Inhibikase Therapeutics, Inc. (NYSE:IKT)’s stock price was up 4.4% on Wednesday . The company traded as high as $2.26 and last traded at $2.14. Approximately 2,876,340 shares traded hands during trading, an increase of 51% from the average daily volume of 1,900,289 shares. The stock had previously closed at $2.05.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Bank of America began coverage on Inhibikase Therapeutics in a research note on Wednesday, January 21st. They issued a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald started coverage on Inhibikase Therapeutics in a research note on Thursday, December 11th. They issued an “overweight” rating and a $4.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Inhibikase Therapeutics in a research report on Friday, December 26th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Inhibikase Therapeutics in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.00.

Inhibikase Therapeutics Trading Up 4.4%

The company has a market cap of $160.87 million, a PE ratio of -0.80 and a beta of 0.84. The business’s 50 day moving average is $1.75 and its two-hundred day moving average is $1.65.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IKT. Sands Capital Alternatives LLC boosted its stake in Inhibikase Therapeutics by 18.9% during the fourth quarter. Sands Capital Alternatives LLC now owns 13,018,965 shares of the company’s stock valued at $26,689,000 after buying an additional 2,068,965 shares during the last quarter. ADAR1 Capital Management LLC boosted its position in shares of Inhibikase Therapeutics by 53.7% during the 4th quarter. ADAR1 Capital Management LLC now owns 8,063,949 shares of the company’s stock valued at $16,531,000 after acquiring an additional 2,816,346 shares during the last quarter. Siren L.L.C. purchased a new position in shares of Inhibikase Therapeutics in the fourth quarter valued at $11,992,000. Commodore Capital LP grew its holdings in shares of Inhibikase Therapeutics by 1.0% in the second quarter. Commodore Capital LP now owns 5,397,488 shares of the company’s stock valued at $10,525,000 after purchasing an additional 53,056 shares in the last quarter. Finally, Squadron Capital Management LLC bought a new stake in shares of Inhibikase Therapeutics in the 4th quarter worth about $8,661,000. Institutional investors own 3.81% of the company’s stock.

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.