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.
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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