Eikon Therapeutics (NASDAQ:EIKN) Announces Quarterly Earnings Results

Eikon Therapeutics (NASDAQ:EIKN) issued its earnings results on Thursday. The company reported ($1.59) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.74) by $0.15, FiscalAI reports.

Eikon Therapeutics Trading Down 9.3%

NASDAQ:EIKN traded down $0.62 during trading hours on Thursday, reaching $6.05. 665,343 shares of the company traded hands, compared to its average volume of 438,994. The business’s 50-day moving average price is $7.73 and its two-hundred day moving average price is $10.09. Eikon Therapeutics has a 1 year low of $5.01 and a 1 year high of $17.40. The stock has a market capitalization of $327.75 million and a P/E ratio of -1.48.

Insider Buying and Selling

In other news, major shareholder Group Iv Gp Lp Column purchased 89,200 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were purchased at an average price of $11.56 per share, for a total transaction of $1,031,152.00. Following the completion of the acquisition, the insider directly owned 89,200 shares in the company, valued at $1,031,152. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new position in shares of Eikon Therapeutics during the 2nd quarter valued at $28,000. The Manufacturers Life Insurance Company boosted its holdings in Eikon Therapeutics by 23.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,357 shares of the company’s stock worth $461,000 after buying an additional 6,734 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Eikon Therapeutics in the 2nd quarter worth $142,000. Citadel Advisors LLC purchased a new stake in Eikon Therapeutics in the 2nd quarter worth $170,000. Finally, Alps Advisors Inc. raised its holdings in Eikon Therapeutics by 29.7% during the third quarter. Alps Advisors Inc. now owns 71,255 shares of the company’s stock valued at $573,000 after acquiring an additional 16,307 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EIKN. Cantor Fitzgerald reiterated an “overweight” rating on shares of Eikon Therapeutics in a report on Friday, August 21st. Weiss Ratings raised shares of Eikon Therapeutics from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Mizuho raised shares of Eikon Therapeutics to a “strong-buy” rating in a report on Wednesday, September 16th. Wedbush decreased their price objective on shares of Eikon Therapeutics from $5.00 to $4.00 and set an “underperform” rating on the stock in a research report on Friday, August 14th. Finally, HC Wainwright assumed coverage on shares of Eikon Therapeutics in a research note on Friday, October 16th. They set a “buy” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Eikon Therapeutics has an average rating of “Moderate Buy” and an average price target of $24.67.

Eikon Therapeutics Company Profile

Eikon Therapeutics is a biopharmaceutical company focused on discovering and developing medicines for serious diseases, including cancer. The company uses advanced imaging, computational biology and drug-discovery methods to study how proteins behave in living cells and identify potential therapeutic targets. Founded in 2019 by Roger Perlmutter, a former head of Merck Research Laboratories, Eikon is based in California. Its work is centered on research and development; the company is not known for marketed medicines.