Wedbush Has Lowered Expectations for Eikon Therapeutics (NASDAQ:EIKN) Stock Price

Eikon Therapeutics (NASDAQ:EIKN) had its price target dropped by analysts at Wedbush from $5.00 to $4.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Wedbush’s price target would suggest a potential downside of 59.90% from the company’s previous close.

Several other research firms have also issued reports on EIKN. Weiss Ratings raised shares of Eikon Therapeutics from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Eikon Therapeutics in a research report on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Eikon Therapeutics presently has a consensus rating of “Hold” and an average target price of $25.00.

Eikon Therapeutics Trading Down 3.4%

Shares of NASDAQ EIKN opened at $9.97 on Friday. The company has a market cap of $540.05 million and a PE ratio of -4.19. The firm has a 50 day moving average price of $10.03. Eikon Therapeutics has a 52 week low of $7.90 and a 52 week high of $17.40.

Eikon Therapeutics (NASDAQ:EIKN) last posted its earnings results on Thursday, August 13th. The company reported ($1.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.02). Analysts predict that Eikon Therapeutics will post -7.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in Eikon Therapeutics during the 2nd quarter worth $624,000. Deutsche Bank AG acquired a new stake in shares of Eikon Therapeutics in the second quarter valued at about $281,000. Finally, BlackRock Inc. grew its position in shares of Eikon Therapeutics by 29.0% in the second quarter. BlackRock Inc. now owns 4,281,425 shares of the company’s stock valued at $55,873,000 after purchasing an additional 962,046 shares during the last quarter.

About Eikon Therapeutics

We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important, innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications.