Innovate Biopharmaceuticals (INNT) Trading 6.3% Higher After Strong Earnings

Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) traded up 6.3% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $5.38 and last traded at $5.36. 714,900 shares changed hands during trading, an increase of 86% from the average session volume of 383,628 shares. The stock had previously closed at $5.04.

The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.05. Innovate Biopharmaceuticals had a negative return on equity of 1,923.83% and a negative net margin of 218.08%.

A number of equities research analysts recently issued reports on the company. HC Wainwright set a $35.00 price objective on Innovate Biopharmaceuticals and gave the company a “buy” rating in a research note on Thursday. ValuEngine cut Innovate Biopharmaceuticals from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. Finally, Seaport Global Securities restated a “buy” rating on shares of Innovate Biopharmaceuticals in a research note on Wednesday, June 13th.

A number of hedge funds have recently bought and sold shares of INNT. Sphera Funds Management LTD. purchased a new position in Innovate Biopharmaceuticals during the 1st quarter valued at about $12,256,000. BlackRock Inc. grew its holdings in Innovate Biopharmaceuticals by 71,891.9% during the 2nd quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock valued at $20,804,000 after buying an additional 881,395 shares in the last quarter. Millennium Management LLC purchased a new position in Innovate Biopharmaceuticals during the 1st quarter valued at about $3,616,000. Bank of America Corp DE grew 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 buying an additional 55,582 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Innovate Biopharmaceuticals during the 2nd quarter valued at about $917,000. 5.86% of the stock is owned by institutional investors and hedge funds.

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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