Innovate Biopharmaceuticals (NASDAQ:INNT) Trading Up 7.4%

Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) rose 7.4% on Friday . The stock traded as high as $0.85 and last traded at $0.81, approximately 247,481 shares changed hands during trading. A decline of 55% from the average daily volume of 547,037 shares. The stock had previously closed at $0.75.

INNT has been the topic of several recent analyst reports. HC Wainwright reduced their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 1st. ValuEngine upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th.

The company has a fifty day simple moving average of $1.04 and a two-hundred day simple moving average of $1.57.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.13). As a group, equities analysts expect that Innovate Biopharmaceuticals Inc will post -0.58 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Innovate Biopharmaceuticals during the first quarter worth about $28,000. GSA Capital Partners LLP lifted its holdings in Innovate Biopharmaceuticals by 59.6% during the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock worth $75,000 after acquiring an additional 24,186 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Innovate Biopharmaceuticals by 71.6% during the fourth quarter. Bank of New York Mellon Corp now owns 68,676 shares of the company’s stock worth $158,000 after acquiring an additional 28,648 shares in the last quarter. Paloma Partners Management Co bought a new position in Innovate Biopharmaceuticals during the second quarter worth about $104,000. Finally, Geode Capital Management LLC lifted its holdings in Innovate Biopharmaceuticals by 24.9% during the fourth quarter. Geode Capital Management LLC now owns 168,422 shares of the company’s stock worth $389,000 after acquiring an additional 33,606 shares in the last quarter. Hedge funds and other institutional investors own 9.25% of the company’s stock.

About Innovate Biopharmaceuticals (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 IIb clinical trial for the treatment of celiac disease. It also develops INN-108, which has completed Phase I 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, as well as product for the treatment of alcoholic steatohepatitis (ASH).

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