Innovate Biopharmaceuticals Inc (NASDAQ:INNT) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 1,586,100 shares, a growth of 9.5% from the June 30th total of 1,448,300 shares. Based on an average trading volume of 344,700 shares, the short-interest ratio is currently 4.6 days. Approximately 12.0% of the company’s shares are short sold.
NASDAQ:INNT traded up $0.05 during trading hours on Friday, reaching $0.80. 3,619 shares of the stock were exchanged, compared to its average volume of 199,736. The business has a 50-day moving average of $1.05 and a two-hundred day moving average of $1.57. Innovate Biopharmaceuticals has a twelve month low of $0.73 and a twelve month high of $9.68. The company has a market capitalization of $29.78 million, a price-to-earnings ratio of -0.80 and a beta of -2.63.
Innovate Biopharmaceuticals (NASDAQ:INNT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, hitting analysts’ consensus estimates of ($0.13). As a group, analysts forecast that Innovate Biopharmaceuticals will post -0.58 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Innovate Biopharmaceuticals by 6.4% during 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 in the last quarter. SG Americas Securities LLC acquired a new position in Innovate Biopharmaceuticals during the first quarter worth $28,000. Geode Capital Management LLC lifted its stake 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 purchasing an additional 33,606 shares in the last quarter. Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 28,648 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Innovate Biopharmaceuticals by 14.5% during the second quarter. Vanguard Group Inc. now owns 955,144 shares of the company’s stock worth $1,108,000 after purchasing an additional 121,104 shares in the last quarter. Institutional investors own 9.25% of the company’s stock.
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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