Zacks: Innovate Biopharmaceuticals Inc (INNT) Receives Average Rating of “Strong Buy” from Analysts

Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Brokers have set a 1 year consensus price objective of $35.00 for the company and are anticipating that the company will post ($0.21) EPS for the current quarter, according to Zacks. Zacks has also given Innovate Biopharmaceuticals an industry rank of 96 out of 255 based on the ratings given to its competitors.

INNT has been the topic of several recent analyst reports. ValuEngine raised Innovate Biopharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, September 1st. Zacks Investment Research raised Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a research report on Wednesday, September 26th. Finally, HC Wainwright started coverage on Innovate Biopharmaceuticals in a research report on Tuesday, July 17th. They set a “buy” rating and a $35.00 target price on the stock.

Several large investors have recently modified their holdings of the company. Bank of Montreal Can raised its position in shares of Innovate Biopharmaceuticals by 15,264.9% during the third quarter. Bank of Montreal Can now owns 20,128 shares of the company’s stock worth $138,000 after purchasing an additional 19,997 shares during the period. Northern Trust Corp acquired a new position in shares of Innovate Biopharmaceuticals during the second quarter worth approximately $530,000. Bank of New York Mellon Corp acquired a new position in shares of Innovate Biopharmaceuticals during the second quarter worth approximately $917,000. Bank of America Corp DE raised its position in shares of Innovate Biopharmaceuticals by 795.7% during the second 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 during the period. Finally, BlackRock Inc. raised its position in shares of Innovate Biopharmaceuticals by 71,891.9% during the second quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock worth $20,804,000 after purchasing an additional 881,395 shares during the period. 10.18% of the stock is currently owned by institutional investors.

INNT traded down $0.05 during trading on Tuesday, hitting $5.35. The company’s stock had a trading volume of 223,000 shares, compared to its average volume of 471,743. Innovate Biopharmaceuticals has a twelve month low of $3.43 and a twelve month high of $50.50.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its quarterly earnings results on Wednesday, August 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. Equities analysts predict that Innovate Biopharmaceuticals will post -1.25 earnings per share for the current year.

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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