Eikon Therapeutics (NASDAQ:EIKN) Posts Earnings Results, Beats Estimates By $0.15 EPS

Eikon Therapeutics (NASDAQ:EIKN) posted its earnings results on Thursday. The company reported ($1.59) EPS for the quarter, topping analysts’ consensus estimates of ($1.74) by $0.15, FiscalAI reports.

Eikon Therapeutics Stock Down 3.5%

EIKN traded down $0.21 during midday trading on Friday, hitting $5.83. 112,078 shares of the company were exchanged, compared to its average volume of 438,169. The firm has a market capitalization of $315.81 million and a P/E ratio of -1.42. Eikon Therapeutics has a 1-year low of $5.01 and a 1-year high of $17.40. The firm’s 50 day moving average price is $7.63 and its 200-day moving average price is $10.06.

Analysts Set New Price Targets

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

Insider Buying and Selling at Eikon Therapeutics

In related news, major shareholder Group Iv Gp Lp Column purchased 89,200 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was bought at an average price of $11.56 per share, with a total value of $1,031,152.00. Following the completion of the purchase, the insider owned 89,200 shares in the company, valued at approximately $1,031,152. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Hedge Funds Weigh In On Eikon Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in EIKN. State Street Corp boosted its holdings in Eikon Therapeutics by 71.9% in the third quarter. State Street Corp now owns 608,838 shares of the company’s stock valued at $4,895,000 after acquiring an additional 254,745 shares during the last quarter. Alps Advisors Inc. raised its holdings in Eikon Therapeutics by 29.7% during the 3rd quarter. Alps Advisors Inc. now owns 71,255 shares of the company’s stock worth $573,000 after purchasing an additional 16,307 shares during the last quarter. Regents of The University of California bought a new position in Eikon Therapeutics during the 3rd quarter worth approximately $5,106,000. The Manufacturers Life Insurance Company bought a new position in Eikon Therapeutics during the 2nd quarter worth approximately $461,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Eikon Therapeutics in the 2nd quarter worth approximately $142,000.

About Eikon Therapeutics

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.