Wall Street analysts forecast that Innovate Biopharmaceuticals Inc (NASDAQ:INNT) will post ($0.14) earnings per share for the current quarter, Zacks Investment Research reports. Zero analysts have made estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals reported earnings of ($0.03) per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 366.7%. The business is expected to announce its next earnings results on Tuesday, November 12th.
On average, analysts expect that Innovate Biopharmaceuticals will report full-year earnings of ($0.58) per share for the current financial year. For the next financial year, analysts anticipate that the firm will report earnings of ($0.68) per share. Zacks’ earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Innovate Biopharmaceuticals.
Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.13).
INNT has been the subject of several analyst reports. ValuEngine upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Zacks Investment Research downgraded Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paloma Partners Management Co acquired a new stake in shares of Innovate Biopharmaceuticals during the 2nd quarter valued at $104,000. Vanguard Group Inc. lifted its position in shares of Innovate Biopharmaceuticals by 14.5% during the 2nd quarter. Vanguard Group Inc. now owns 955,144 shares of the company’s stock valued at $1,108,000 after acquiring an additional 121,104 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its position in shares of Innovate Biopharmaceuticals by 59.6% during the 2nd quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock valued at $75,000 after acquiring an additional 24,186 shares during the last quarter. Hedge funds and other institutional investors own 9.76% of the company’s stock.
Shares of NASDAQ INNT traded down $0.01 during midday trading on Tuesday, reaching $0.83. 259,600 shares of the company’s stock were exchanged, compared to its average volume of 440,352. The business’s fifty day moving average price is $0.99 and its two-hundred day moving average price is $1.14. The stock has a market capitalization of $31.22 million, a PE ratio of -0.85 and a beta of -2.48. Innovate Biopharmaceuticals has a 52-week low of $0.73 and a 52-week high of $4.32.
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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