Inotiv (NASDAQ:NOTV) Posts Quarterly Earnings Results

Inotiv (NASDAQ:NOTV) issued its earnings results on Monday. The company reported ($0.72) earnings per share for the quarter, Zacks reports. Inotiv had a negative net margin of 13.38% and a negative return on equity of 17.15%.

Inotiv Price Performance

Inotiv stock opened at $0.42 on Monday. Inotiv has a 12 month low of $0.38 and a 12 month high of $4.51. The company has a fifty day moving average price of $0.63 and a two-hundred day moving average price of $1.18. The company has a market cap of $14.39 million, a PE ratio of -0.19 and a beta of 4.21.

Analysts Set New Price Targets

NOTV has been the topic of a number of research reports. Lake Street Capital cut their price objective on Inotiv from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, December 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inotiv in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.00.

Institutional Investors Weigh In On Inotiv

A number of institutional investors have recently modified their holdings of NOTV. Balyasny Asset Management L.P. raised its stake in Inotiv by 30.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock worth $3,011,000 after acquiring an additional 384,696 shares during the period. Vanguard Group Inc. grew its holdings in shares of Inotiv by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,404,738 shares of the company’s stock valued at $2,037,000 after purchasing an additional 20,890 shares during the last quarter. Massar Capital Management LP grew its holdings in shares of Inotiv by 133.3% during the second quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock valued at $637,000 after purchasing an additional 200,000 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Inotiv by 99.5% during the 3rd quarter. Citadel Advisors LLC now owns 255,858 shares of the company’s stock worth $371,000 after purchasing an additional 127,595 shares during the period. Finally, Voleon Capital Management LP bought a new stake in shares of Inotiv in the 3rd quarter worth approximately $205,000. Institutional investors own 18.17% of the company’s stock.

Inotiv Company Profile

Inotiv, Inc, formerly known as Bioanalytical Systems, Inc (NASDAQ: NOTV), is a global contract research organization (CRO) specializing in preclinical drug discovery, development and testing services. The company partners with pharmaceutical, biotech and medical device companies to advance candidate molecules through early‐stage research and safety assessment. Inotiv’s integrated platform spans in vivo and in vitro pharmacology, drug metabolism and pharmacokinetics (DMPK), toxicology, pathology and bioanalysis.

The company’s core service offerings include discovery pharmacology, safety assessment toxicology, pathology, bioanalysis and regulatory support.