Innovate Biopharmaceuticals (INNT) Trading 14.7% Higher

Innovate Biopharmaceuticals Inc (NASDAQ:INNT)’s share price traded up 14.7% during trading on Monday . The company traded as high as $7.96 and last traded at $7.96. 1,373,900 shares traded hands during trading, an increase of 194% from the average session volume of 467,035 shares. The stock had previously closed at $6.94.

A number of equities analysts have recently commented on the stock. Seaport Global Securities reaffirmed a “buy” rating on shares of Innovate Biopharmaceuticals in a report on Wednesday, June 13th. HC Wainwright assumed coverage on shares of Innovate Biopharmaceuticals in a report on Tuesday, July 17th. They set a “buy” rating and a $35.00 price objective for the company. ValuEngine downgraded shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Finally, Zacks Investment Research raised shares of Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Wednesday.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its quarterly earnings data on Wednesday, August 15th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.05. Innovate Biopharmaceuticals had a negative net margin of 166.63% and a negative return on equity of 1,098.06%. equities research analysts anticipate that Innovate Biopharmaceuticals Inc will post -1.25 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Innovate Biopharmaceuticals by 71,891.9% during the 2nd quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock worth $20,804,000 after acquiring an additional 881,395 shares during the period. Millennium Management LLC bought a new position in Innovate Biopharmaceuticals during the 1st quarter valued at about $3,616,000. Bank of America Corp DE lifted its holdings in Innovate Biopharmaceuticals by 795.7% during the 2nd quarter. Bank of America Corp DE now owns 62,567 shares of the company’s stock valued at $1,474,000 after purchasing an additional 55,582 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Innovate Biopharmaceuticals during the 2nd quarter valued at about $917,000. Finally, Schwab Charles Investment Management Inc. bought a new position in Innovate Biopharmaceuticals during the 2nd quarter valued at about $814,000. 10.18% of the stock is owned by institutional investors.

Innovate Biopharmaceuticals Company Profile (NASDAQ:INNT)

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.

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