Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) saw unusually-strong trading volume on Wednesday . Approximately 716,898 shares traded hands during trading, an increase of 42% from the previous session’s volume of 505,008 shares.The stock last traded at $1.17 and had previously closed at $0.99.
Several analysts have recently commented on INNT shares. ValuEngine upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. HC Wainwright decreased their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, July 1st. Finally, Zacks Investment Research cut Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd.
The firm has a fifty day moving average price of $0.92 and a 200 day moving average price of $1.40. The company has a market cap of $39.36 million, a P/E ratio of -1.12 and a beta of -2.46.
Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in Innovate Biopharmaceuticals in the first quarter valued at about $28,000. GSA Capital Partners LLP boosted its holdings in Innovate Biopharmaceuticals by 59.6% in the second 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. Paloma Partners Management Co bought a new position in Innovate Biopharmaceuticals in the second quarter valued at about $104,000. Finally, Vanguard Group Inc. boosted its holdings in Innovate Biopharmaceuticals by 14.5% in the second 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. Institutional investors and hedge funds own 9.71% of the company’s stock.
About Innovate Biopharmaceuticals (NASDAQ:INNT)
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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