HC Wainwright cut shares of Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. HC Wainwright currently has $2.00 target price on the biotechnology company’s stock.

Separately, Canaccord Genuity set a $3.00 price objective on shares of Inotek Pharmaceuticals Corporation and gave the company a buy rating in a research report on Monday, June 26th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Inotek Pharmaceuticals Corporation currently has an average rating of Hold and a consensus target price of $4.50.

Shares of Inotek Pharmaceuticals Corporation (ITEK) traded down 2.06% on Tuesday, reaching $0.94. 1,882,398 shares of the company traded hands. Inotek Pharmaceuticals Corporation has a 52-week low of $0.90 and a 52-week high of $9.90. The stock’s market cap is $25.37 million. The stock has a 50 day moving average of $1.80 and a 200 day moving average of $2.27.

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) last posted its quarterly earnings results on Wednesday, May 10th. The biotechnology company reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by $0.01. On average, analysts expect that Inotek Pharmaceuticals Corporation will post ($1.73) earnings per share for the current year.

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Several institutional investors have recently modified their holdings of ITEK. Columbus Circle Investors raised its position in shares of Inotek Pharmaceuticals Corporation by 78.4% in the first quarter. Columbus Circle Investors now owns 385,229 shares of the biotechnology company’s stock valued at $770,000 after buying an additional 169,262 shares during the last quarter. Minerva Advisors LLC bought a new position in shares of Inotek Pharmaceuticals Corporation during the first quarter valued at $126,000. Highbridge Capital Management LLC raised its position in shares of Inotek Pharmaceuticals Corporation by 183.2% in the fourth quarter. Highbridge Capital Management LLC now owns 90,947 shares of the biotechnology company’s stock valued at $554,000 after buying an additional 58,828 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Inotek Pharmaceuticals Corporation by 276.0% in the first quarter. Goldman Sachs Group Inc. now owns 58,758 shares of the biotechnology company’s stock valued at $118,000 after buying an additional 43,131 shares during the last quarter. Finally, State Street Corp raised its position in shares of Inotek Pharmaceuticals Corporation by 3.5% in the fourth quarter. State Street Corp now owns 265,532 shares of the biotechnology company’s stock valued at $1,618,000 after buying an additional 8,946 shares during the last quarter. 38.61% of the stock is currently owned by institutional investors.

About Inotek Pharmaceuticals Corporation

Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that the Company has designed to lower intraocular pressure (IOP) by restoring the eye’s natural pressure control mechanism.

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