Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) traded down 6.1% during mid-day trading on Friday . The company traded as low as $5.32 and last traded at $5.74. 536,326 shares traded hands during trading, an increase of 18% from the average session volume of 455,512 shares. The stock had previously closed at $6.11.

A number of analysts recently issued reports on the stock. ValuEngine downgraded shares of Innovate Biopharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Seaport Global Securities reissued a “buy” rating on shares of Innovate Biopharmaceuticals in a research report on Wednesday, June 13th. Finally, HC Wainwright set a $35.00 target price on shares of Innovate Biopharmaceuticals and gave the stock a “buy” rating in a research report on Wednesday, August 1st.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its quarterly earnings data on Wednesday, August 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. Innovate Biopharmaceuticals had a negative net margin of 166.63% and a negative return on equity of 1,098.06%. analysts expect that Innovate Biopharmaceuticals Inc will post -1.25 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. Sphera Funds Management LTD. acquired a new stake in Innovate Biopharmaceuticals in the first quarter valued at approximately $12,256,000. BlackRock Inc. grew its position in 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. Millennium Management LLC acquired a new stake in Innovate Biopharmaceuticals in the first quarter valued at approximately $3,616,000. Bank of America Corp DE grew its position in Innovate Biopharmaceuticals by 795.7% in the second quarter. Bank of America Corp DE now owns 62,567 shares of the company’s stock valued at $1,474,000 after acquiring an additional 55,582 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Innovate Biopharmaceuticals in the second quarter valued at approximately $917,000. 10.14% of the stock is owned by institutional investors.

Innovate Biopharmaceuticals Company Profile (NASDAQ:INNT)

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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