Short Interest in Inotiv, Inc. (NASDAQ:NOTV) Declines By 13.4%

Inotiv, Inc. (NASDAQ:NOTV) was the target of a large decline in short interest in March. As of March 31st, there was short interest totaling 2,707,482 shares, a decline of 13.4% from the March 15th total of 3,127,181 shares. Based on an average daily trading volume, of 349,830 shares, the short-interest ratio is presently 7.7 days. Approximately 8.5% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. lifted its holdings in Inotiv by 30.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock valued at $3,011,000 after purchasing an additional 384,696 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Inotiv by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,404,738 shares of the company’s stock valued at $2,037,000 after purchasing an additional 20,890 shares in the last quarter. Massar Capital Management LP lifted its holdings in Inotiv by 133.3% in the 2nd quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock valued at $637,000 after purchasing an additional 200,000 shares in the last quarter. Citadel Advisors LLC lifted its holdings in Inotiv by 99.5% in the 3rd quarter. Citadel Advisors LLC now owns 255,858 shares of the company’s stock valued at $371,000 after purchasing an additional 127,595 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Inotiv in the 3rd quarter valued at about $340,000. 18.17% of the stock is currently owned by hedge funds and other institutional investors.

Inotiv Price Performance

NASDAQ:NOTV traded down $0.02 on Friday, reaching $0.28. The stock had a trading volume of 1,815,034 shares, compared to its average volume of 950,777. The company has a market cap of $9.53 million, a price-to-earnings ratio of -0.14 and a beta of 4.07. The firm’s fifty day moving average is $0.31 and its two-hundred day moving average is $0.69. Inotiv has a 12-month low of $0.22 and a 12-month high of $3.32.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Lake Street Capital decreased their price objective on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Inotiv in a research report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $1.50.

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.