Short Interest in Inotiv, Inc. (NASDAQ:NOTV) Grows By 30.0%

Inotiv, Inc. (NASDAQ:NOTV) was the recipient of a significant growth in short interest in March. As of March 13th, there was short interest totaling 3,127,181 shares, a growth of 30.0% from the February 26th total of 2,405,245 shares. Based on an average daily trading volume, of 680,806 shares, the short-interest ratio is presently 4.6 days. Approximately 9.9% of the shares of the company are short sold.

Analyst Ratings Changes

NOTV has been the subject of a number of recent research reports. Lake Street Capital dropped their price objective on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inotiv in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $1.50.

Inotiv Price Performance

Shares of NOTV traded up $0.02 during trading hours on Tuesday, hitting $0.27. The stock had a trading volume of 259,973 shares, compared to its average volume of 450,003. The stock has a market capitalization of $9.37 million, a price-to-earnings ratio of -0.13 and a beta of 4.22. The company’s fifty day moving average is $0.37 and its two-hundred day moving average is $0.79. Inotiv has a 52 week low of $0.24 and a 52 week high of $3.32.

Institutional Trading of Inotiv

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC grew its holdings in Inotiv by 313.6% during the 4th quarter. Virtu Financial LLC now owns 66,331 shares of the company’s stock worth $37,000 after acquiring an additional 50,293 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Inotiv by 49.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,471,849 shares of the company’s stock worth $827,000 after acquiring an additional 486,113 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of Inotiv by 304.2% during the fourth quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock worth $33,000 after purchasing an additional 44,554 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Inotiv by 71,367.4% during the third quarter. JPMorgan Chase & Co. now owns 96,481 shares of the company’s stock worth $140,000 after purchasing an additional 96,346 shares in the last quarter. Finally, Voleon Capital Management LP bought a new stake in shares of Inotiv during the third quarter valued at approximately $205,000. 18.17% of the stock is owned by institutional investors.

About Inotiv

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.