Ikena Oncology, Inc. (NASDAQ:IKNA) Sees Significant Growth in Short Interest

Ikena Oncology, Inc. (NASDAQ:IKNA) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 1,550,000 shares, an increase of 12.3% from the May 15th total of 1,380,000 shares. Currently, 6.6% of the company’s stock are sold short. Based on an average trading volume of 337,100 shares, the days-to-cover ratio is currently 4.6 days.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IKNA. Wedbush lowered shares of Ikena Oncology from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $8.00 to $2.00 in a research report on Wednesday, May 29th. HC Wainwright reduced their price objective on Ikena Oncology from $11.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. BVF Inc. IL boosted its holdings in Ikena Oncology by 50.5% during the fourth quarter. BVF Inc. IL now owns 4,769,164 shares of the company’s stock worth $9,395,000 after purchasing an additional 1,600,000 shares during the last quarter. CHI Advisors LLC boosted its stake in shares of Ikena Oncology by 2.8% during the 3rd quarter. CHI Advisors LLC now owns 2,180,934 shares of the company’s stock worth $9,443,000 after buying an additional 58,894 shares during the last quarter. Laurion Capital Management LP grew its holdings in shares of Ikena Oncology by 3.3% in the 3rd quarter. Laurion Capital Management LP now owns 534,657 shares of the company’s stock valued at $2,315,000 after acquiring an additional 17,094 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Ikena Oncology by 813.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 513,440 shares of the company’s stock valued at $729,000 after acquiring an additional 457,245 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Ikena Oncology by 5.2% during the third quarter. Adage Capital Partners GP L.L.C. now owns 407,900 shares of the company’s stock worth $1,766,000 after acquiring an additional 20,000 shares in the last quarter. 75.00% of the stock is owned by institutional investors and hedge funds.

Ikena Oncology Price Performance

Shares of NASDAQ IKNA traded down $0.02 during mid-day trading on Friday, hitting $1.75. The company’s stock had a trading volume of 147,449 shares, compared to its average volume of 466,204. Ikena Oncology has a one year low of $1.02 and a one year high of $7.38. The stock has a market cap of $84.46 million, a price-to-earnings ratio of -1.11 and a beta of 0.49. The company’s fifty day simple moving average is $1.44 and its 200-day simple moving average is $1.55.

Ikena Oncology (NASDAQ:IKNA) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.12. On average, sell-side analysts predict that Ikena Oncology will post -1.22 EPS for the current year.

About Ikena Oncology

Ikena Oncology, Inc operates as an oncology company that develops differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance in the United States. Its lead program is IK-930, an internally discovered, oral, TEAD1-selective, small molecule inhibitor of the Hippo pathway.