Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Sees Large Growth in Short Interest

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.



A number of research analysts recently commented on the company. HC Wainwright decreased their price objective on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 1st. ValuEngine upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th.

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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