On Tuesday, H.C. Wainwright adjusted its price target for Inhibikase Therapeutics Inc (NASDAQ: IKT), reducing it to $23 from the previous $27, but affirmed a Buy rating on the stock. The decision followed the release of the company's first-quarter earnings for 2024, which showed a loss per share of $0.73. This was slightly better than the analyst's forecasted loss of $0.79 per share.
The firm also revised its full-year 2024 earnings per share (EPS) estimate for Inhibikase Therapeutics, from a loss of $1.71 to a loss of $1.87. This change comes in the wake of the company's latest financial report, which revealed that as of March 31, 2024, Inhibikase held cash and equivalents totaling $9.7 million.
The company's management has provided guidance on its financial runway, projecting that its current cash reserves will be adequate to support its operations until November 2024. This projection is significant for investors as it offers insight into the company's capital sufficiency and potential need for additional financing.
Despite the reduced price target, H.C. Wainwright reiterated its Buy rating on Inhibikase Therapeutics shares. The firm's stance indicates confidence in the company's long-term prospects despite the adjustment to the near-term financial expectations.
The updated valuation of Inhibikase Therapeutics by H.C. Wainwright reflects the latest financial data and market conditions impacting the company. Investors will be monitoring the company's progress closely, especially in light of the updated cash runway forecast and the ongoing performance as it navigates through the fiscal year.
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