Innovate Biopharmaceuticals (INNT) Shares Down 6.5%

Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) fell 6.5% during trading on Tuesday . The company traded as low as $7.27 and last traded at $7.44. 1,631,200 shares traded hands during mid-day trading, an increase of 245% from the average session volume of 473,338 shares. The stock had previously closed at $7.96.

A number of brokerages have commented on INNT. Zacks Investment Research upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a research report on Wednesday. Seaport Global Securities reiterated a “buy” rating on shares of Innovate Biopharmaceuticals in a research report on Wednesday, June 13th. HC Wainwright set a $35.00 price objective on Innovate Biopharmaceuticals and gave the stock a “buy” rating in a research report on Friday, August 24th. Finally, ValuEngine downgraded Innovate Biopharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th.

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

Institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in shares of Innovate Biopharmaceuticals during the 1st quarter worth approximately $214,000. Rhumbline Advisers bought a new position in shares of Innovate Biopharmaceuticals during the 2nd quarter worth approximately $398,000. Element Capital Management LLC bought a new position in shares of Innovate Biopharmaceuticals during the 1st quarter worth approximately $580,000. Northern Trust Corp bought a new position in shares of Innovate Biopharmaceuticals during the 2nd quarter worth approximately $530,000. Finally, Schwab Charles Investment Management Inc. bought a new position in shares of Innovate Biopharmaceuticals during the 2nd quarter worth approximately $814,000. Institutional investors and hedge funds own 10.18% of the company’s stock.

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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