Schwab Charles Investment Management Inc. purchased a new stake in shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 34,500 shares of the company’s stock, valued at approximately $814,000.

A number of other hedge funds also recently made changes to their positions in the stock. Millennium Management LLC purchased a new stake in shares of Innovate Biopharmaceuticals in the first quarter valued at approximately $3,616,000. Bank of New York Mellon Corp purchased a new stake in shares of Innovate Biopharmaceuticals in the second quarter valued at approximately $917,000. Rhumbline Advisers purchased a new stake in shares of Innovate Biopharmaceuticals in the second quarter valued at approximately $398,000. Finally, Jane Street Group LLC purchased a new stake in shares of Innovate Biopharmaceuticals in the first quarter valued at approximately $214,000. Institutional investors own 10.18% of the company’s stock.

Shares of INNT opened at $5.28 on Thursday. Innovate Biopharmaceuticals Inc has a one year low of $3.43 and a one year high of $50.50.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its quarterly earnings results on Wednesday, August 15th. The company reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. On average, equities research analysts predict that Innovate Biopharmaceuticals Inc will post -1.25 earnings per share for the current fiscal year.

A number of analysts have recently commented on INNT shares. ValuEngine upgraded Innovate Biopharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, September 1st. Zacks Investment Research upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a research report on Wednesday, September 26th. Finally, HC Wainwright started coverage on Innovate Biopharmaceuticals in a research report on Tuesday, July 17th. They issued a “buy” rating and a $35.00 price objective for the company.

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 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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Institutional Ownership by Quarter for Innovate Biopharmaceuticals (NASDAQ:INNT)

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