Alps Advisors Inc. raised its position in Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) by 25.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,119 shares of the company’s stock after buying an additional 7,418 shares during the period. Alps Advisors Inc.’s holdings in Inotek Pharmaceuticals Corp. were worth $276,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Opaleye Management Inc. acquired a new position in Inotek Pharmaceuticals Corp. during the first quarter worth approximately $4,773,000. GW&K Investment Management LLC increased its position in Inotek Pharmaceuticals Corp. by 13.4% in the second quarter. GW&K Investment Management LLC now owns 363,757 shares of the company’s stock worth $2,706,000 after buying an additional 42,998 shares in the last quarter. Finally, Sabby Management LLC increased its position in Inotek Pharmaceuticals Corp. by 32.9% in the first quarter. Sabby Management LLC now owns 116,454 shares of the company’s stock worth $862,000 after buying an additional 28,802 shares in the last quarter. Institutional investors own 73.35% of the company’s stock.
Shares of Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) traded down 2.15% during midday trading on Friday, hitting $7.73. 190,080 shares of the stock were exchanged. The firm’s 50 day moving average is $8.16 and its 200-day moving average is $8.33. Inotek Pharmaceuticals Corp. has a 1-year low of $5.81 and a 1-year high of $13.36. The stock’s market capitalization is $208.17 million.
Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) last announced its quarterly earnings results on Wednesday, August 10th. The company reported ($0.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.07. On average, analysts predict that Inotek Pharmaceuticals Corp. will post ($1.84) EPS for the current year.
ITEK has been the subject of a number of recent research reports. HC Wainwright initiated coverage on shares of Inotek Pharmaceuticals Corp. in a research note on Tuesday, September 20th. They set a “buy” rating and a $22.00 price objective for the company. Piper Jaffray Cos. set a $29.00 price objective on shares of Inotek Pharmaceuticals Corp. and gave the stock a “buy” rating in a research note on Wednesday, July 20th.
About Inotek Pharmaceuticals Corp.
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.