Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Expected to Announce Earnings of -$0.14 Per Share
Wall Street analysts expect Innovate Biopharmaceuticals Inc (NASDAQ:INNT) to post earnings of ($0.14) per share for the current quarter, according to Zacks Investment Research. Zero analysts have made estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals posted earnings per share of ($0.03) during the same quarter last year, which would indicate a negative year over year growth rate of 366.7%. The business is expected to issue its next quarterly earnings results on Tuesday, November 12th.
On average, analysts expect that Innovate Biopharmaceuticals will report full-year earnings of ($0.58) per share for the current financial year. For the next fiscal year, analysts expect that the business will post earnings of ($0.68) per share. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that follow Innovate Biopharmaceuticals.
Innovate Biopharmaceuticals (NASDAQ:INNT) last released its earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13).
NASDAQ INNT traded down $0.08 on Tuesday, hitting $0.86. 202,884 shares of the company’s stock were exchanged, compared to its average volume of 175,913. The business has a 50-day moving average price of $1.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.14 and a quick ratio of 1.14. Innovate Biopharmaceuticals has a 52 week low of $0.85 and a 52 week high of $9.68.
Several large investors have recently made changes to their positions in INNT. BlackRock Inc. increased its holdings in shares of Innovate Biopharmaceuticals by 6.4% during the fourth quarter. BlackRock Inc. now owns 1,259,803 shares of the company’s stock worth $2,910,000 after buying an additional 76,040 shares in the last quarter. Geode Capital Management LLC increased its holdings in Innovate Biopharmaceuticals by 24.9% in the fourth quarter. Geode Capital Management LLC now owns 168,422 shares of the company’s stock valued at $389,000 after purchasing an additional 33,606 shares during the period. Bank of New York Mellon Corp increased its holdings in Innovate Biopharmaceuticals by 71.6% in the fourth quarter. Bank of New York Mellon Corp now owns 68,676 shares of the company’s stock valued at $158,000 after purchasing an additional 28,648 shares during the period. GSA Capital Partners LLP increased its holdings in Innovate Biopharmaceuticals by 59.6% in the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock valued at $75,000 after purchasing an additional 24,186 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Innovate Biopharmaceuticals in the first quarter valued at $28,000. Institutional investors own 9.20% of the company’s stock.
About Innovate Biopharmaceuticals
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 IIb clinical trial for the treatment of celiac disease. It also develops INN-108, which has completed Phase I 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, as well as product for the treatment of alcoholic steatohepatitis (ASH).
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