H.C. Wainwright Starts Inotek Pharmaceuticals (ITEK) at Buy
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H.C. Wainwright initiated coverage on Inotek Pharmaceuticals (NASDAQ: ITEK) with a Buy rating and a price target of $22. Analyst Corey Davis is bullish on its lead drug, trabodenoson.
"Our investment thesis hinges on the success of trabodenoson (and its second product,trabodenoson in combination with latanoprost, FDC), for glaucoma. Inotek has successfully completed Phase 2 (one in 2012; the secondin 2015), it started the Phase 3 MATrX-1 monotherapy trial in September 2015, and started the Phase 2 combination study in July 2016. The first big data release should come from MATrX-1 in late2016—what we see as the primary near-term stock driver," said Davis.
Shares of Inotek Pharmaceuticals closed at $8.47 yesterday.
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