Innovate Biopharmaceuticals (NASDAQ:INNT) Releases Earnings Results, Meets Expectations

Innovate Biopharmaceuticals (NASDAQ:INNT) announced its quarterly earnings results on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.13), Bloomberg Earnings reports.

Shares of Innovate Biopharmaceuticals stock opened at $0.86 on Friday. Innovate Biopharmaceuticals has a 12-month low of $0.85 and a 12-month high of $9.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average price of $1.09.

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth about $28,000. GSA Capital Partners LLP increased its position in shares of Innovate Biopharmaceuticals by 59.6% in the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock worth $75,000 after purchasing an additional 24,186 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Innovate Biopharmaceuticals by 71.6% in the fourth quarter. Bank of New York Mellon Corp now owns 68,676 shares of the company’s stock worth $158,000 after purchasing an additional 28,648 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Innovate Biopharmaceuticals by 24.9% in the fourth quarter. Geode Capital Management LLC now owns 168,422 shares of the company’s stock worth $389,000 after purchasing an additional 33,606 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Innovate Biopharmaceuticals by 6.4% in the fourth quarter. BlackRock Inc. now owns 1,259,803 shares of the company’s stock worth $2,910,000 after purchasing an additional 76,040 shares during the last quarter. 9.20% of the stock is currently owned by hedge funds and other institutional investors.

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

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 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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Earnings History for Innovate Biopharmaceuticals (NASDAQ:INNT)

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