Innovate Biopharmaceuticals (INNT) Upgraded at ValuEngine

ValuEngine upgraded shares of Innovate Biopharmaceuticals (NASDAQ:INNT) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Several other research analysts also recently weighed in on the stock. HC Wainwright set a $35.00 target price on shares of Innovate Biopharmaceuticals and gave the stock a buy rating in a report on Friday, August 24th. Seaport Global Securities reaffirmed a buy rating on shares of Innovate Biopharmaceuticals in a report on Wednesday, June 13th.

Shares of Innovate Biopharmaceuticals stock opened at $7.44 on Friday. Innovate Biopharmaceuticals has a fifty-two week low of $3.43 and a fifty-two week high of $50.50.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its earnings results on Wednesday, August 15th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate 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 expect that Innovate Biopharmaceuticals will post -1.25 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in INNT. BlackRock Inc. lifted its stake in Innovate Biopharmaceuticals by 71,891.9% in the 2nd quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock worth $20,804,000 after purchasing an additional 881,395 shares in the last quarter. Millennium Management LLC purchased a new stake in Innovate Biopharmaceuticals in the 1st quarter worth $3,616,000. Bank of America Corp DE lifted its stake in Innovate Biopharmaceuticals by 795.7% in the 2nd quarter. Bank of America Corp DE now owns 62,567 shares of the company’s stock worth $1,474,000 after purchasing an additional 55,582 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Innovate Biopharmaceuticals in the 2nd quarter worth $917,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Innovate Biopharmaceuticals in the 2nd quarter worth $814,000. Institutional investors and hedge funds own 10.18% of the company’s stock.

About Innovate Biopharmaceuticals

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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