Inotek Pharmaceuticals Corporation (ITEK) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) released its quarterly earnings results on Thursday. The biotechnology company reported ($0.24) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.47) by $0.23, Bloomberg Earnings reports.

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Shares of Inotek Pharmaceuticals Corporation (ITEK) traded up 4.591% on Friday, reaching $0.975. The company’s stock had a trading volume of 1,074,422 shares. The firm has a 50-day moving average price of $1.42 and a 200 day moving average price of $1.67. The firm’s market capitalization is $26.31 million. Inotek Pharmaceuticals Corporation has a one year low of $0.85 and a one year high of $9.78.

ITEK has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Inotek Pharmaceuticals Corporation in a research report on Wednesday, April 12th. Zacks Investment Research upgraded Inotek Pharmaceuticals Corporation from a “hold” rating to a “buy” rating and set a $1.00 price target on the stock in a research report on Friday, July 14th. Finally, Canaccord Genuity set a $3.00 price target on Inotek Pharmaceuticals Corporation and gave the company a “buy” rating in a research report on Monday, June 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $3.80.

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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.