Brokerages Expect Innovate Biopharmaceuticals Inc (INNT) Will Announce Earnings of -$0.21 Per Share

Wall Street analysts expect that Innovate Biopharmaceuticals Inc (NASDAQ:INNT) will post earnings of ($0.21) per share for the current fiscal quarter, Zacks reports. Zero analysts have provided estimates for Innovate Biopharmaceuticals’ earnings. The firm is expected to report its next quarterly earnings results on Wednesday, November 21st.

According to Zacks, analysts expect that Innovate Biopharmaceuticals will report full-year earnings of ($1.24) per share for the current year. For the next financial year, analysts forecast that the firm will post earnings of ($0.97) per share. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow Innovate Biopharmaceuticals.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its quarterly earnings results on Wednesday, August 15th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.05.

Several equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a research note on Wednesday, September 26th. HC Wainwright set a $35.00 target price on shares of Innovate Biopharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 24th. Finally, ValuEngine lowered shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, July 16th.

Hedge funds have recently bought and sold shares of the company. First Quadrant L P CA purchased a new stake in shares of Innovate Biopharmaceuticals during the 3rd quarter worth about $162,000. Jane Street Group LLC purchased a new stake in shares of Innovate Biopharmaceuticals during the 1st quarter worth about $214,000. Schwab Charles Investment Management Inc. purchased a new stake in shares of Innovate Biopharmaceuticals during the 2nd quarter worth about $814,000. Hillview Capital Advisors LLC purchased a new stake in shares of Innovate Biopharmaceuticals during the 3rd quarter worth about $134,000. Finally, BlackRock Inc. boosted its stake in shares of Innovate Biopharmaceuticals by 71,891.9% during the 2nd quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock worth $20,804,000 after acquiring an additional 881,395 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:INNT traded down $0.16 during mid-day trading on Friday, hitting $3.84. The company’s stock had a trading volume of 89,981 shares, compared to its average volume of 454,268. Innovate Biopharmaceuticals has a 1 year low of $3.43 and a 1 year high of $50.50.

Innovate Biopharmaceuticals Company Profile

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.

Further Reading: Dollar Cost Averaging

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