Eikon Therapeutics (NASDAQ:EIKN) Stock Price Up 6.9% Following Insider Buying Activity

Eikon Therapeutics, Inc. (NASDAQ:EIKN)’s stock price was up 6.9% during trading on Wednesday following insider buying activity. The stock traded as high as $11.26 and last traded at $11.4540. Approximately 81,400 shares traded hands during trading, a decline of 79% from the average daily volume of 380,711 shares. The stock had previously closed at $10.71.

Specifically, major shareholder Group Iv Gp Lp Column purchased 89,200 shares of the stock in a transaction on Thursday, September 3rd. The shares were acquired at an average price of $11.56 per share, with a total value of $1,031,152.00. Following the completion of the acquisition, the insider directly owned 89,200 shares of the company’s stock, valued at $1,031,152. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of analysts have recently issued reports on EIKN shares. Wedbush reduced their price objective on shares of Eikon Therapeutics from $5.00 to $4.00 and set an “underperform” rating for the company in a research note on Friday, August 14th. Cantor Fitzgerald restated an “overweight” rating on shares of Eikon Therapeutics in a research note on Friday, August 21st. Weiss Ratings raised shares of Eikon Therapeutics from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Finally, Mizuho upgraded Eikon Therapeutics to a “strong-buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Eikon Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Eikon Therapeutics Stock Performance

The firm has a market capitalization of $616.67 million and a PE ratio of -2.80. The business’s fifty day simple moving average is $10.55 and its 200-day simple moving average is $10.88.

Eikon Therapeutics (NASDAQ:EIKN) last released its earnings results on Thursday, August 13th. The company reported ($1.63) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.02). Sell-side analysts expect that Eikon Therapeutics, Inc. will post -7.24 earnings per share for the current fiscal year.

Institutional Trading of Eikon Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new position in shares of Eikon Therapeutics during the 2nd quarter valued at about $624,000. Deutsche Bank AG bought a new stake in shares of Eikon Therapeutics in the second quarter worth about $281,000. BlackRock Inc. boosted its stake in Eikon Therapeutics by 29.0% during the second quarter. BlackRock Inc. now owns 4,281,425 shares of the company’s stock valued at $55,873,000 after buying an additional 962,046 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Eikon Therapeutics by 23.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,357 shares of the company’s stock valued at $461,000 after buying an additional 6,734 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Eikon Therapeutics in the 2nd quarter worth approximately $28,000.

Eikon Therapeutics Company Profile

We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important, innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications.