Innovate Biopharmaceuticals (INNT) Trading -4.8% Higher

Innovate Biopharmaceuticals Inc (NASDAQ:INNT) shares traded up 4.8% during mid-day trading on Friday . The company traded as high as $6.38 and last traded at $5.52. 35,380 shares were traded during trading, a decline of 96% from the average session volume of 972,741 shares. The stock had previously closed at $5.80.

A number of research analysts have recently issued reports on the company. Seaport Global Securities reaffirmed a “buy” rating on shares of Innovate Biopharmaceuticals in a research note on Wednesday, June 13th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Innovate Biopharmaceuticals in a research note on Wednesday, July 25th. Finally, ValuEngine cut Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, July 16th.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its earnings results on Wednesday, May 16th. The company reported ($0.76) earnings per share (EPS) for the quarter. Innovate Biopharmaceuticals had a negative return on equity of 1,923.83% and a negative net margin of 218.08%. equities research analysts predict that Innovate Biopharmaceuticals Inc will post -1.32 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of INNT. Sphera Funds Management LTD. bought a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth about $12,256,000. Element Capital Management LLC bought a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth about $580,000. Jane Street Group LLC bought a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth about $214,000. Millennium Management LLC bought a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth about $3,616,000. Finally, Rhumbline Advisers bought a new stake in shares of Innovate Biopharmaceuticals in the second quarter worth about $398,000. 5.53% of the stock is currently owned by institutional investors.

Innovate Biopharmaceuticals Company Profile

Innovate Biopharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops medicines for autoimmune and inflammatory diseases. The company's lead product candidate is INN-202 that has completed Phase 2b clinical trial for the treatment of celiac disease. It also develops INN-108, which has completed Phase 1 clinical trial to treat mild-to-moderate ulcerative colitis; INN-217 for the treatment of non-alcoholic steatohepatitis and microbiome; and INN-289 to treat crohn's disease.

Further Reading: Outstanding Shares

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