Inozyme Pharma’s (INZY) “Buy” Rating Reiterated at Needham & Company LLC

by · The Markets Daily

Needham & Company LLC reissued their buy rating on shares of Inozyme Pharma (NASDAQ:INZY – Free Report) in a research note issued to investors on Tuesday, Benzinga reports. Needham & Company LLC currently has a $23.00 target price on the stock.

INZY has been the subject of several other reports. HC Wainwright reiterated a buy rating and issued a $16.00 target price on shares of Inozyme Pharma in a report on Wednesday, March 13th. Wedbush restated an outperform rating and set a $15.00 price target on shares of Inozyme Pharma in a report on Monday, April 8th.

Read Our Latest Stock Report on INZY

Inozyme Pharma Stock Performance

NASDAQ:INZY opened at $5.14 on Tuesday. Inozyme Pharma has a twelve month low of $2.69 and a twelve month high of $7.80. The company has a current ratio of 13.36, a quick ratio of 13.36 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $6.05 and a 200-day moving average of $4.63. The firm has a market cap of $317.50 million, a price-to-earnings ratio of -3.70 and a beta of 1.37.

Inozyme Pharma (NASDAQ:INZY – Get Free Report) last posted its quarterly earnings data on Tuesday, March 12th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.04). Analysts forecast that Inozyme Pharma will post -1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Douglas A. Treco sold 7,523 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $6.94, for a total transaction of $52,209.62. Following the completion of the sale, the chief executive officer now directly owns 20,665 shares in the company, valued at $143,415.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Inozyme Pharma

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. raised its position in Inozyme Pharma by 30.3% during the third quarter. Adage Capital Partners GP L.L.C. now owns 5,537,500 shares of the company’s stock valued at $23,258,000 after acquiring an additional 1,287,500 shares in the last quarter. Pivotal bioVenture Partners Investment Advisor LLC raised its position in Inozyme Pharma by 22.8% during the third quarter. Pivotal bioVenture Partners Investment Advisor LLC now owns 4,494,851 shares of the company’s stock valued at $18,878,000 after acquiring an additional 833,333 shares in the last quarter. Rock Springs Capital Management LP raised its position in Inozyme Pharma by 7.4% during the third quarter. Rock Springs Capital Management LP now owns 3,681,174 shares of the company’s stock valued at $15,461,000 after acquiring an additional 253,090 shares in the last quarter. Eventide Asset Management LLC raised its position in Inozyme Pharma by 1.8% during the fourth quarter. Eventide Asset Management LLC now owns 3,179,837 shares of the company’s stock valued at $13,546,000 after acquiring an additional 54,837 shares in the last quarter. Finally, FMR LLC raised its position in Inozyme Pharma by 229.2% during the third quarter. FMR LLC now owns 2,465,232 shares of the company’s stock valued at $10,354,000 after acquiring an additional 1,716,398 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

About Inozyme Pharma

(Get Free Report)

Inozyme Pharma, Inc, a clinical-stage rare disease biopharmaceutical company, focuses on developing novel therapeutics for the treatment of vasculature, soft tissue, and skeleton diseases. The company's lead product candidate is INZ-701, a soluble, recombinant, genetically engineered, and fusion protein for the treatment of ENPP1 and ABCC6 deficiencies, as well as patients with end-stage kidney disease receiving hemodialysis.

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