Inozyme Pharma (NASDAQ:INZY) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Inozyme Pharma (NASDAQ:INZY) in a research note published on Wednesday, Benzinga reports. Needham & Company LLC currently has a $23.00 target price on the stock.

Several other research firms have also weighed in on INZY. HC Wainwright reaffirmed a buy rating and issued a $16.00 price objective on shares of Inozyme Pharma in a research note on Wednesday, March 13th. Bank of America dropped their price objective on Inozyme Pharma from $16.00 to $14.00 and set a buy rating on the stock in a report on Tuesday, April 9th. Finally, Wedbush restated an outperform rating and set a $15.00 price objective on shares of Inozyme Pharma in a report on Tuesday.

Inozyme Pharma Price Performance

Inozyme Pharma stock traded up $0.03 during midday trading on Wednesday, reaching $4.67. 45,690 shares of the company were exchanged, compared to its average volume of 599,633. The company has a market capitalization of $288.89 million, a price-to-earnings ratio of -3.34 and a beta of 1.54. The firm’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $4.75. Inozyme Pharma has a 1 year low of $2.69 and a 1 year high of $7.80. The company has a debt-to-equity ratio of 0.32, a quick ratio of 13.36 and a current ratio of 13.36.

Inozyme Pharma (NASDAQ:INZY) last issued its quarterly earnings results on Tuesday, March 12th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.04). On average, analysts anticipate that Inozyme Pharma will post -1.46 EPS for the current year.

Insider Activity at Inozyme Pharma

In related news, CEO Douglas A. Treco sold 7,523 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $6.94, for a total transaction of $52,209.62. Following the transaction, the chief executive officer now directly owns 20,665 shares of the company’s stock, valued at $143,415.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of Inozyme Pharma during the 3rd quarter worth about $61,000. Strs Ohio bought a new stake in shares of Inozyme Pharma during the 3rd quarter worth about $41,000. FMR LLC boosted its stake in shares of Inozyme Pharma by 229.2% during the 3rd quarter. FMR LLC now owns 2,465,232 shares of the company’s stock worth $10,354,000 after acquiring an additional 1,716,398 shares in the last quarter. CHI Advisors LLC boosted its stake in shares of Inozyme Pharma by 6.3% during the 3rd quarter. CHI Advisors LLC now owns 1,270,027 shares of the company’s stock worth $5,334,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of Inozyme Pharma by 346.8% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 311,880 shares of the company’s stock worth $1,310,000 after acquiring an additional 242,080 shares in the last quarter. 88.30% of the stock is owned by institutional investors and hedge funds.

Inozyme Pharma Company Profile

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.