Innovate Biopharmaceuticals Inc (NASDAQ:INNT) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $2.35 and last traded at $2.42, with a volume of 2312 shares traded. The stock had previously closed at $2.83.

Several equities research analysts have issued reports on the company. Zacks Investment Research cut Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. ValuEngine raised Innovate Biopharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, September 22nd. Finally, HC Wainwright set a $35.00 target price on Innovate Biopharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 24th.

Innovate Biopharmaceuticals (NASDAQ:INNT) last posted its earnings results on Tuesday, November 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.18. On average, equities research analysts forecast that Innovate Biopharmaceuticals Inc will post -1.24 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INNT. Hillview Capital Advisors LLC purchased a new position in shares of Innovate Biopharmaceuticals during the third quarter worth $134,000. Bank of Montreal Can boosted its position in shares of Innovate Biopharmaceuticals by 15,264.9% during the third quarter. Bank of Montreal Can now owns 20,128 shares of the company’s stock worth $138,000 after buying an additional 19,997 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Innovate Biopharmaceuticals during the third quarter worth $150,000. First Quadrant L P CA purchased a new position in shares of Innovate Biopharmaceuticals during the third quarter worth $162,000. Finally, Dynasty Wealth Management LLC boosted its position in shares of Innovate Biopharmaceuticals by 110.8% during the third quarter. Dynasty Wealth Management LLC now owns 35,570 shares of the company’s stock worth $243,000 after buying an additional 18,696 shares during the period. Institutional investors and hedge funds own 12.64% of the company’s stock.

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About Innovate Biopharmaceuticals (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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