Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Short Interest Up 8.9% in December

Innovate Biopharmaceuticals Inc (NASDAQ:INNT) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 1,830,000 shares, a growth of 8.9% from the December 15th total of 1,680,000 shares. Based on an average daily volume of 431,300 shares, the days-to-cover ratio is presently 4.2 days. Currently, 8.0% of the shares of the stock are sold short.

NASDAQ INNT traded down $0.01 on Thursday, hitting $0.66. The stock had a trading volume of 500 shares, compared to its average volume of 892,596. Innovate Biopharmaceuticals has a 52-week low of $0.40 and a 52-week high of $4.32. The company has a market capitalization of $23.92 million, a price-to-earnings ratio of -0.67 and a beta of -2.58. The firm has a 50-day moving average of $0.66 and a 200-day moving average of $0.90.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its earnings results on Thursday, November 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.05). Equities research analysts expect that Innovate Biopharmaceuticals will post -0.58 EPS for the current year.

An institutional investor recently bought a new position in Innovate Biopharmaceuticals stock. Paloma Partners Management Co acquired a new stake in shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 89,694 shares of the company’s stock, valued at approximately $104,000. Paloma Partners Management Co owned approximately 0.25% of Innovate Biopharmaceuticals as of its most recent filing with the SEC. Institutional investors and hedge funds own 7.26% of the company’s stock.

Separately, Zacks Investment Research cut shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th.

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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