Inozyme Pharma (NASDAQ:INZY) Stock Rating Upgraded by Zacks Investment Research
Inozyme Pharma (NASDAQ:INZY – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $4.50 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.35% from the company’s previous close.
According to Zacks, “Inozyme Pharma Inc. is a biopharmaceutical company. It engages in developing therapeutics for treating abnormal mineralization impacting the vasculature, soft tissue and skeleton diseases. The company’s product candidate consist INZ-701, which is in clinical stage. Inozyme Pharma Inc. is based in Boston, Massachusetts. “
A number of other research firms have also weighed in on INZY. Wedbush lowered their price objective on shares of Inozyme Pharma from $25.00 to $23.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 10th. HC Wainwright started coverage on shares of Inozyme Pharma in a report on Monday, February 7th. They issued a “buy” rating and a $33.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Inozyme Pharma in a report on Thursday, May 26th. They set a “hold” rating and a $5.00 price target for the company. Finally, Needham & Company LLC initiated coverage on Inozyme Pharma in a report on Thursday, April 14th. They issued a “buy” rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $17.70.
Shares of INZY stock opened at $3.97 on Tuesday. The stock has a market capitalization of $159.19 million, a PE ratio of -1.51 and a beta of 1.12. Inozyme Pharma has a 52-week low of $3.54 and a 52-week high of $19.58. The stock’s 50-day moving average price is $4.25 and its 200 day moving average price is $5.81.
Inozyme Pharma (NASDAQ:INZY – Get Rating) last announced its earnings results on Tuesday, May 10th. The company reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.11. As a group, equities research analysts predict that Inozyme Pharma will post -2.28 earnings per share for the current year.
In other news, major shareholder Longitude Capital Partners Iii acquired 1,355,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 19th. The stock was purchased at an average cost of $3.69 per share, with a total value of $4,999,950.00. Following the purchase, the insider now directly owns 4,174,379 shares of the company’s stock, valued at approximately $15,403,458.51. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Axel Bolte acquired 67,750 shares of Inozyme Pharma stock in a transaction that occurred on Tuesday, April 19th. The shares were purchased at an average cost of $3.69 per share, with a total value of $249,997.50. Following the completion of the acquisition, the chief executive officer now owns 258,575 shares of the company’s stock, valued at approximately $954,141.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 2,519,850 shares of company stock worth $9,298,247. Corporate insiders own 9.72% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. PDT Partners LLC acquired a new stake in shares of Inozyme Pharma in the first quarter valued at approximately $42,000. Renaissance Technologies LLC acquired a new stake in Inozyme Pharma during the 1st quarter valued at $49,000. Citigroup Inc. grew its holdings in Inozyme Pharma by 241.6% during the 1st quarter. Citigroup Inc. now owns 12,517 shares of the company’s stock valued at $51,000 after buying an additional 8,853 shares during the last quarter. Wells Fargo & Company MN increased its position in Inozyme Pharma by 16,531.3% during the fourth quarter. Wells Fargo & Company MN now owns 7,983 shares of the company’s stock worth $54,000 after buying an additional 7,935 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Inozyme Pharma by 4,030.0% in the fourth quarter. Bank of America Corp DE now owns 11,853 shares of the company’s stock worth $81,000 after acquiring an additional 11,566 shares during the last quarter.
About Inozyme Pharma (Get Rating)
Inozyme Pharma, Inc, a rare disease biopharmaceutical company, engages in developing therapeutics for treating abnormal mineralization impacting the vasculature, soft tissue, and skeleton diseases. The company’s lead product candidate is INZ-701, a soluble, recombinant protein to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies, as well as for the treatment of calciphylaxis.
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