Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Sees Large Drop in Short Interest

Innovate Biopharmaceuticals Inc (NASDAQ:INNT) was the recipient of a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 1,730,800 shares, a decrease of 6.3% from the May 30th total of 1,846,800 shares. Based on an average daily volume of 824,300 shares, the short-interest ratio is currently 2.1 days. Approximately 13.1% of the shares of the company are sold short.

NASDAQ INNT opened at $1.10 on Friday. Innovate Biopharmaceuticals has a 12 month low of $1.07 and a 12 month high of $24.84. The business’s 50 day moving average price is $1.22. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.02.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its earnings results on Friday, May 10th. The company reported ($0.17) EPS for the quarter. As a group, analysts expect that Innovate Biopharmaceuticals will post -0.58 earnings per share for the current year.

Separately, HC Wainwright decreased their target price on shares of Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, July 1st.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in Innovate Biopharmaceuticals during the 1st quarter worth approximately $28,000. Rhumbline Advisers grew its holdings in Innovate Biopharmaceuticals by 47.2% during the 4th quarter. Rhumbline Advisers now owns 23,372 shares of the company’s stock valued at $54,000 after buying an additional 7,490 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Innovate Biopharmaceuticals during the 4th quarter valued at approximately $61,000. Magnus Financial Group LLC purchased a new stake in Innovate Biopharmaceuticals during the 4th quarter valued at approximately $114,000. Finally, Bank of New York Mellon Corp grew its holdings in Innovate Biopharmaceuticals by 71.6% during the 4th quarter. Bank of New York Mellon Corp now owns 68,676 shares of the company’s stock valued at $158,000 after buying an additional 28,648 shares in the last quarter. Institutional investors own 10.60% 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).

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