Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Expected to Announce Earnings of -$0.13 Per Share

Posted by Grant Hamersma on Dec 3rd, 2019

Analysts expect that Innovate Biopharmaceuticals Inc (NASDAQ:INNT) will post earnings of ($0.13) per share for the current fiscal quarter, according to Zacks. Zero analysts have provided estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals reported earnings of ($0.11) per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 18.2%. The firm is scheduled to issue its next quarterly earnings report on Monday, March 16th.

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 fiscal year, analysts expect that the company will post earnings of ($0.68) per share. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Innovate Biopharmaceuticals.

INNT has been the topic of several research analyst reports. ValuEngine upgraded shares of Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Zacks Investment Research lowered shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Shares of Innovate Biopharmaceuticals stock traded down $0.03 during midday trading on Thursday, reaching $0.75. 1,177 shares of the company’s stock traded hands, compared to its average volume of 283,177. The stock has a 50 day moving average of $0.87 and a 200-day moving average of $1.04. The company has a market cap of $27.99 million, a PE ratio of -0.78 and a beta of -2.48. Innovate Biopharmaceuticals has a 12 month low of $0.71 and a 12 month high of $4.32.

A number of institutional investors and hedge funds have recently bought and sold shares of INNT. Paloma Partners Management Co purchased a new position in Innovate Biopharmaceuticals during the second quarter valued at $104,000. Vanguard Group Inc. boosted its holdings 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 buying an additional 121,104 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in shares of Innovate Biopharmaceuticals by 59.6% in the 2nd quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock worth $75,000 after buying an additional 24,186 shares during the period. Institutional investors and hedge funds own 7.44% of the company’s stock.

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).