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

Analysts expect Innovate Biopharmaceuticals Inc (NASDAQ:INNT) to report ($0.13) earnings per share for the current quarter, Zacks reports. Zero analysts have provided estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals reported earnings per share of ($0.11) in the same quarter last year, which suggests a negative year over year growth rate of 18.2%. The business 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 financial year, analysts forecast that the company will report earnings of ($0.68) per share. Zacks’ EPS calculations are an average based on a survey of research firms that follow Innovate Biopharmaceuticals.

Separately, Zacks Investment Research cut shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INNT. GSA Capital Partners LLP grew its holdings in Innovate Biopharmaceuticals by 59.6% during the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock worth $75,000 after acquiring an additional 24,186 shares during the period. Paloma Partners Management Co bought a new position in Innovate Biopharmaceuticals during the second quarter valued at about $104,000. Finally, Vanguard Group Inc. lifted its holdings in Innovate Biopharmaceuticals by 14.5% in the 2nd quarter. Vanguard Group Inc. now owns 955,144 shares of the company’s stock worth $1,108,000 after purchasing an additional 121,104 shares during the last quarter. 7.44% of the stock is owned by institutional investors.

INNT traded down $0.03 on Thursday, hitting $0.72. 116,176 shares of the company were exchanged, compared to its average volume of 428,984. The company has a market cap of $26.91 million, a price-to-earnings ratio of -0.74 and a beta of -2.48. Innovate Biopharmaceuticals has a twelve month low of $0.71 and a twelve month high of $4.32. The firm has a 50-day moving average price of $0.85 and a two-hundred day moving average price of $1.03.

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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