Inotek Pharmaceuticals Corporat (NASDAQ:ITEK) Experiences Heavy Trading Volume

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Inotek Pharmaceuticals Corporat shares had a trading volume of 766K in the last trading session. Overall, volume was up 129.73% over the stocks normal daily volume.

Traders are feeling more bullish on Inotek Pharmaceuticals Corporat recently considering the decrease in short interest. The company experienced a fall in short interest between August 31, 2017 and September 15, 2017 of -8.15%. Short interest decreased 202,479 over that timeframe. Days to cover decreased from 7.0 to 1.0 and the percentage of shorted shares was 0.12% on September 15.

Here are a few substantial investment firms who have updated their positions. As of quarter end Boothbay Fund Management, LLC had disposed of a total of 24,391 shares trimming its position 25.3%. The value of the company’s investment in Inotek Pharmaceuticals Corporat decreased from $193,000 to $137,000 a change of $56,000 quarter over quarter. Sabby Management, LLC added to its ownership by buying 111,721 shares an increase of 110.7% from 03/31/2017 to 06/30/2017. Sabby Management, LLC controls 212,651 shares worth $404,000. The total value of its holdings increased 100.0%.

Ubs Group Ag downsized its position by selling 354 shares a decrease of 65.2% in the quarter. Ubs Group Ag now controls 189 shares with a value of $0. The value of the position overall is down by 100.0%. As of the end of the quarter Ft Options LLC had sold 446,463 shares trimming its stake by 93.4%. The value of the total investment in Inotek Pharmaceuticals Corporat went from $956,000 to $39,000 a change of 95.9% for the reporting period.

On July 11, 2017 the stock rating was changed to “Neutral” by H.C. Wainwright a cut from the previous “Buy” rating. On July 12 the company was downgraded from “Buy” to “Hold” by analysts at Canaccord Genuity.

In the market the company is trading up by 6.50%% since yesterday’s close of 2.77. Company shares are trading at $2.95 which is significantly above $1.59, the stock’s 50 day moving average and significantly above the 200 day moving average of $1.59. The 50 day moving average was up by +85.77% and the 200 day average moved up $1.36.

As of the last earnings report the EPS was $-1.53 and is estimated to be $-1.05 for the current year with 27,010,000 shares presently outstanding. Analysts expect next quarter’s EPS will be $-0.13 with next year’s EPS anticipated to be $-0.26.

Inotek Pharmaceuticals Corporation, launched on July 7, 1999, 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. The Company developed this molecule to selectively stimulate a particular adenosine subreceptor in the eye with the effect of augmenting the intrinsic function of the eye’s trabecular meshwork (TM)..