Intelligent Bio Solutions Inc. (NASDAQ:INBS) Shares Shorted: Short Interest Down 51.2% in September

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 58,294 shares, a drop of 51.2% from the September 15th total of 119,549 shares. Based on an average daily volume of 41,999 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.8% of the company’s stock are sold short.

Intelligent Bio Solutions Trading Down 2.0%

INBS traded down $0.03 on Wednesday, hitting $1.45. 94,226 shares of the company’s stock were exchanged, compared to its average volume of 296,925. The stock has a fifty day moving average of $2.10 and a two-hundred day moving average of $2.35. Intelligent Bio Solutions has a twelve month low of $1.35 and a twelve month high of $24.90. The firm has a market cap of $4.81 million, a PE ratio of -0.16 and a beta of 4.31.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INBS. Zacks Research upgraded shares of Intelligent Bio Solutions to a “hold” rating in a research note on Monday, June 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research note on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Intelligent Bio Solutions currently has a consensus rating of “Reduce”.

About Intelligent Bio Solutions

Intelligent Bio Solutions Inc is a life sciences company developing rapid, non-invasive drug-screening technologies. Its primary product is the Intelligent Fingerprinting Drug Screening System, which analyzes sweat collected from a person’s fingerprint to identify the presence of commonly used drugs.

The system combines a disposable drug-screening cartridge with a portable reader and associated software. By using fingerprint sweat rather than blood or urine, the company aims to provide a convenient testing option for organizations such as employers, law-enforcement agencies, drug-treatment providers and other healthcare or public-sector users.

Intelligent Bio Solutions has roots in the development of diagnostic technologies and was formerly known as GBS Inc The company markets its fingerprint-based screening products internationally, including in the United Kingdom and other markets, subject to applicable regulatory and commercial requirements.