Innovate Biopharmaceuticals (INNT) Sees Large Volume Increase
Innovate Biopharmaceuticals Inc (NASDAQ:INNT) shares saw unusually-high trading volume on Monday . Approximately 5,369,135 shares traded hands during trading, an increase of 1,434% from the previous session’s volume of 349,945 shares.The stock last traded at $2.48 and had previously closed at $2.14.
A number of hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its holdings in Innovate Biopharmaceuticals by 47.2% during the 4th quarter. Rhumbline Advisers now owns 23,372 shares of the company’s stock valued at $54,000 after purchasing an additional 7,490 shares in the last quarter. Dynasty Wealth Management LLC increased its holdings in Innovate Biopharmaceuticals by 110.8% during the 3rd quarter. Dynasty Wealth Management LLC now owns 35,570 shares of the company’s stock valued at $243,000 after purchasing an additional 18,696 shares in the last quarter. Bank of Montreal Can increased its holdings in Innovate Biopharmaceuticals by 15,264.9% during the 3rd quarter. Bank of Montreal Can now owns 20,128 shares of the company’s stock valued at $138,000 after purchasing an additional 19,997 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Innovate Biopharmaceuticals during the 3rd quarter valued at $150,000. Finally, Northern Trust Corp acquired a new stake in Innovate Biopharmaceuticals during the 2nd quarter valued at $530,000. 12.26% of the stock is owned by hedge funds and other institutional investors.
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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 2b clinical trial for the treatment of celiac disease. It also develops INN-108, which has completed Phase 1 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.
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