Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) has witnessed a drop of 24% or 161,678 shares in its short figure. The short interest diminution took it from 672,881 on May 31,2016 to 511,203 on June 15,2016. In terms of floated shares, the short interest was calculated to be 3.5%. The days to cover are 3 given that the daily volume averaged 151,176 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Inotek Pharmaceuticals Corporation (NASDAQ:ITEK): The stock opened at $7.25 on Friday but the bulls could not build on the opening and the stock topped out at $7.70 for the day. The stock traded down to $7.07 during the day, due to lack of any buying support eventually closed down at $7.25 with a loss of -4.73% for the day. The stock had closed at $7.61 on the previous day. The total traded volume was 1,965,314 shares.
The company shares have rallied 48.87% from its 1 Year high price. On Jul 24, 2015, the shares registered one year high at $19.45 and the one year low was seen on Jul 6, 2015. The 50-Day Moving Average price is $8.67 and the 200 Day Moving Average price is recorded at $8.57.
Stocks of Inotek Pharmaceuticals Corporation (NASDAQ:ITEK) rallied by 0.97% during the past week but lost 19.44% on a 4-week basis. The company has outperformed the S&P 500 by 2.65% in the past week but underperformed the index by 17.01% in the last 4 weeks.
Inotek Pharmaceuticals Corporation is a clinical-stage biopharmaceutical company advancing molecules with new mechanisms of action to address diseases of the eye. The Companys business strategy is to develop and progress its product candidates through human clinical trials. The Company is focused on the discovery, development and commercialization of therapies for glaucoma. Its lead product candidate, trabodenoson, is a selective adenosine mimetic that is designed to lower intraocular pressure (IOP) by restoring the eyes natural pressure control mechanism. The Companys product pipeline includes trabodenoson monotherapy delivered in an eye drop formulation, as well as a fixed dose combination (FDC) of trabodenoson with latanoprost given once-daily (QD).