Zacks: Brokerages Anticipate Innovate Biopharmaceuticals Inc (INNT) to Post -$0.20 Earnings Per Share

Analysts expect Innovate Biopharmaceuticals Inc (NASDAQ:INNT) to report earnings of ($0.20) per share for the current fiscal quarter, Zacks reports. Zero analysts have made estimates for Innovate Biopharmaceuticals’ earnings. The company is scheduled to issue its next earnings report on Tuesday, February 12th.

According to Zacks, analysts expect that Innovate Biopharmaceuticals will report full-year earnings of ($1.24) per share for the current fiscal year. For the next fiscal year, analysts anticipate that the business will report earnings of ($0.97) per share. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Innovate Biopharmaceuticals.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its earnings results on Tuesday, November 13th. The company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.18.

INNT has been the topic of several research reports. HC Wainwright set a $35.00 target price on Innovate Biopharmaceuticals and gave the company a “buy” rating in a report on Thursday, August 16th. ValuEngine raised Innovate Biopharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, September 1st. Finally, Zacks Investment Research raised Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Wednesday, September 26th.

Institutional investors have recently bought and sold shares of the business. First Quadrant L P CA acquired a new stake in Innovate Biopharmaceuticals in the third quarter valued at $162,000. BlackRock Inc. lifted its position in shares of Innovate Biopharmaceuticals by 71,891.9% in the second quarter. BlackRock Inc. now owns 882,621 shares of the company’s stock valued at $20,804,000 after acquiring an additional 881,395 shares in the last quarter. Schwab Charles Investment Management Inc. purchased a new stake in shares of Innovate Biopharmaceuticals in the second quarter valued at $814,000. Hillview Capital Advisors LLC purchased a new stake in shares of Innovate Biopharmaceuticals in the third quarter valued at $134,000. Finally, Dynasty Wealth Management LLC lifted its position in shares of Innovate Biopharmaceuticals by 110.8% in the third quarter. Dynasty Wealth Management LLC now owns 35,570 shares of the company’s stock valued at $243,000 after acquiring an additional 18,696 shares in the last quarter. 12.64% of the stock is currently owned by institutional investors.

Innovate Biopharmaceuticals stock traded up $0.06 during trading hours on Tuesday, hitting $2.60. The stock had a trading volume of 119,594 shares, compared to its average volume of 216,454. Innovate Biopharmaceuticals has a 1-year low of $2.35 and a 1-year high of $50.50.

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 2b clinical trial for the treatment of celiac disease. It also develops INN-108, which has completed Phase 1 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.

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