Needham & Company LLC Reaffirms “Buy” Rating for Inozyme Pharma (NASDAQ:INZY)

Inozyme Pharma (NASDAQ:INZY)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $23.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 465.11% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $17.00 price objective (up previously from $16.00) on shares of Inozyme Pharma in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $14.00 price target on shares of Inozyme Pharma in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective (down from $15.00) on shares of Inozyme Pharma in a research note on Tuesday. Finally, Stifel Nicolaus initiated coverage on Inozyme Pharma in a research report on Thursday, September 12th. They set a “buy” rating and a $16.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $15.71.

Inozyme Pharma Stock Down 7.9 %

INZY opened at $4.07 on Wednesday. The business has a 50 day simple moving average of $5.18 and a 200-day simple moving average of $4.93. Inozyme Pharma has a 12 month low of $2.71 and a 12 month high of $7.80. The stock has a market capitalization of $255.31 million, a P/E ratio of -2.79 and a beta of 1.54. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.84 and a quick ratio of 9.84.

Inozyme Pharma (NASDAQ:INZY) last issued its earnings results on Tuesday, August 6th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.07). On average, equities analysts anticipate that Inozyme Pharma will post -1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inozyme Pharma

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in shares of Inozyme Pharma by 154.1% during the second quarter. Millennium Management LLC now owns 1,787,947 shares of the company’s stock valued at $7,974,000 after acquiring an additional 1,084,341 shares during the last quarter. Affinity Asset Advisors LLC lifted its holdings in Inozyme Pharma by 40.1% in the 1st quarter. Affinity Asset Advisors LLC now owns 2,642,519 shares of the company’s stock valued at $20,242,000 after purchasing an additional 756,717 shares in the last quarter. Samlyn Capital LLC boosted its stake in shares of Inozyme Pharma by 15.0% during the 2nd quarter. Samlyn Capital LLC now owns 3,350,535 shares of the company’s stock worth $14,943,000 after purchasing an additional 437,622 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Inozyme Pharma by 117.6% in the second quarter. Dimensional Fund Advisors LP now owns 380,064 shares of the company’s stock valued at $1,695,000 after buying an additional 205,417 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in shares of Inozyme Pharma by 52.2% during the first quarter. Kennedy Capital Management LLC now owns 437,657 shares of the company’s stock valued at $3,352,000 after buying an additional 150,120 shares during the period. 88.30% of the stock is owned by institutional investors and hedge funds.

About Inozyme Pharma

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.