Inotek Pharmaceuticals Corporation (ITEK) : Traders are getting increasingly bearish on Inotek Pharmaceuticals Corporation (ITEK), as can be seen in the addition of short positions from 913,971 on Jul 29, 2016, to 2,420,201 on August 15, 2016. The net change in shorts is 1,506,230 shares, an increase of 164.8%. 5 days remain before the expiry. The 15.1% of outstanding short positions on the stock compared to its float, shows that traders expect the stock to fall from the current levels. The daily volume of the stock is 456,150. The short interest information was released on Wednesday Aug 24th after the market close.
Inotek Pharmaceuticals Corporation (NASDAQ:ITEK): The stock opened at $6.92 on Wednesday but the bulls could not build on the opening and the stock topped out at $7.26 for the day. The stock traded down to $6.76 during the day, due to lack of any buying support eventually closed down at $6.83 with a loss of -2.29% for the day. The stock had closed at $6.99 on the previous day. The total traded volume was 420,142 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Inotek Pharmaceuticals Corp, Carroll J Martin, had purchased 10,000 shares in a transaction dated on May 13, 2016. The transaction was executed at $9.03 per share with total amount equaling $90,300.
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).