Short Interest in Inozyme Pharma, Inc. (NASDAQ:INZY) Decreases By 12.3%

Inozyme Pharma, Inc. (NASDAQ:INZY) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,210,000 shares, a decrease of 12.3% from the September 30th total of 3,660,000 shares. Based on an average daily volume of 253,100 shares, the days-to-cover ratio is currently 12.7 days. Approximately 7.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Inozyme Pharma by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 21,427 shares of the company’s stock worth $96,000 after acquiring an additional 2,690 shares during the last quarter. American Century Companies Inc. grew its position in shares of Inozyme Pharma by 11.0% during the second quarter. American Century Companies Inc. now owns 57,100 shares of the company’s stock worth $255,000 after acquiring an additional 5,673 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of Inozyme Pharma during the second quarter worth about $52,000. Rhumbline Advisers grew its position in Inozyme Pharma by 22.0% in the 2nd quarter. Rhumbline Advisers now owns 77,004 shares of the company’s stock valued at $343,000 after buying an additional 13,867 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Inozyme Pharma by 8.1% in the 2nd quarter. Renaissance Technologies LLC now owns 187,839 shares of the company’s stock valued at $838,000 after buying an additional 14,139 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.

Inozyme Pharma Stock Performance

Inozyme Pharma stock traded down $0.25 during midday trading on Thursday, hitting $4.29. 262,655 shares of the company’s stock were exchanged, compared to its average volume of 418,795. Inozyme Pharma has a 12-month low of $2.71 and a 12-month high of $7.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 9.84 and a current ratio of 9.84. The stock has a market cap of $269.13 million, a price-to-earnings ratio of -2.94 and a beta of 1.51. The firm’s 50 day simple moving average is $5.27 and its 200 day simple moving average is $4.94.

Inozyme Pharma (NASDAQ:INZY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.07). Equities research analysts predict that Inozyme Pharma will post -1.68 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $15.00 price objective on shares of Inozyme Pharma in a research note on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $14.00 price target on shares of Inozyme Pharma in a research note on Friday, October 25th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of Inozyme Pharma in a research note on Friday, October 25th. Jefferies Financial Group reissued a “buy” rating and issued a $17.00 price objective (up from $16.00) on shares of Inozyme Pharma in a report on Tuesday, August 13th. Finally, Stifel Nicolaus assumed coverage on Inozyme Pharma in a report on Thursday, September 12th. They issued a “buy” rating and a $16.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $16.14.

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.