Equities research analysts forecast that Innovate Biopharmaceuticals Inc (NASDAQ:INNT) will announce ($0.14) earnings per share for the current fiscal quarter, according to Zacks. Zero analysts have provided estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals reported earnings of ($0.03) per share during the same quarter last year, which indicates a negative year-over-year growth rate of 366.7%. The company is expected to report its next quarterly earnings report on Tuesday, November 12th.
According to Zacks, analysts expect that Innovate Biopharmaceuticals will report full year earnings of ($0.58) per share for the current financial year. For the next year, analysts expect that the firm will report earnings of ($0.68) per share. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Innovate Biopharmaceuticals.
Innovate Biopharmaceuticals (NASDAQ:INNT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.13).
A number of hedge funds have recently made changes to their positions in the stock. Paloma Partners Management Co bought a new position in Innovate Biopharmaceuticals during the second quarter worth $104,000. Vanguard Group Inc. increased its position 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 acquiring an additional 121,104 shares during the period. Finally, GSA Capital Partners LLP increased its position in Innovate Biopharmaceuticals by 59.6% during the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock worth $75,000 after acquiring an additional 24,186 shares during the period. 9.76% of the stock is currently owned by institutional investors and hedge funds.
INNT traded down $0.01 on Tuesday, reaching $0.83. 259,600 shares of the company traded hands, compared to its average volume of 440,352. The stock’s 50 day moving average price is $0.99 and its 200-day moving average price is $1.14. Innovate Biopharmaceuticals has a 52-week low of $0.73 and a 52-week high of $4.32. The company has a market cap of $31.22 million, a price-to-earnings ratio of -0.85 and a beta of -2.48.
About Innovate Biopharmaceuticals
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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