Inotiv (NASDAQ:NOTV) Stock Price Down 0.4% – Here’s What Happened

Inotiv, Inc. (NASDAQ:NOTV)’s stock price traded down 0.4% on Wednesday . The company traded as low as $0.6281 and last traded at $0.6450. 256,382 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 396,563 shares. The stock had previously closed at $0.6478.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Lake Street Capital reduced their target price on shares of Inotiv from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, December 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Inotiv in a report on Monday. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Inotiv has a consensus rating of “Hold” and an average price target of $3.00.

Inotiv Price Performance

The stock has a 50 day moving average price of $0.99 and a two-hundred day moving average price of $1.53. The company has a market capitalization of $22.17 million, a price-to-earnings ratio of -0.29 and a beta of 4.33.

Inotiv (NASDAQ:NOTV) last issued its quarterly earnings data on Wednesday, December 3rd. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17). The company had revenue of $138.14 million for the quarter, compared to the consensus estimate of $133.36 million. Inotiv had a negative return on equity of 17.15% and a negative net margin of 13.38%. Sell-side analysts forecast that Inotiv, Inc. will post -0.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Inotiv

Several large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. lifted its holdings in Inotiv by 30.3% in the second quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock valued at $3,011,000 after buying an additional 384,696 shares during the period. GSA Capital Partners LLP acquired a new stake in Inotiv in the third quarter worth $340,000. Massar Capital Management LP boosted its position in shares of Inotiv by 133.3% during the second quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock worth $637,000 after purchasing an additional 200,000 shares in the last quarter. Acorn Creek Capital LLC bought a new position in shares of Inotiv during the second quarter worth $289,000. Finally, EHP Funds Inc. acquired a new position in shares of Inotiv in the 3rd quarter valued at $215,000. Institutional investors and hedge funds own 18.17% of the company’s stock.

Inotiv Company Profile

Inotiv, Inc, formerly known as Bioanalytical Systems, Inc (NASDAQ: NOTV), is a global contract research organization (CRO) specializing in preclinical drug discovery, development and testing services. The company partners with pharmaceutical, biotech and medical device companies to advance candidate molecules through early‐stage research and safety assessment. Inotiv’s integrated platform spans in vivo and in vitro pharmacology, drug metabolism and pharmacokinetics (DMPK), toxicology, pathology and bioanalysis.

The company’s core service offerings include discovery pharmacology, safety assessment toxicology, pathology, bioanalysis and regulatory support.