Innovate Biopharmaceuticals Inc (NASDAQ:INNT) shares rose 14.7% during trading on Monday . The stock traded as high as $7.96 and last traded at $7.96. Approximately 1,373,900 shares traded hands during trading, an increase of 194% from the average daily volume of 467,035 shares. The stock had previously closed at $6.94.

Several research analysts recently commented on the stock. Seaport Global Securities reaffirmed a “buy” rating on shares of Innovate Biopharmaceuticals in a research note on Wednesday, June 13th. ValuEngine downgraded shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. Finally, HC Wainwright assumed coverage on shares of Innovate Biopharmaceuticals in a research note on Tuesday, July 17th. They issued a “buy” rating and a $35.00 target price on the stock.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its earnings results on Wednesday, August 15th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.05. Innovate Biopharmaceuticals had a negative net margin of 166.63% and a negative return on equity of 1,098.06%. research analysts forecast that Innovate Biopharmaceuticals Inc will post -1.25 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC bought a new stake in Innovate Biopharmaceuticals in the first quarter valued at $214,000. Rhumbline Advisers bought a new stake in Innovate Biopharmaceuticals in the second quarter valued at $398,000. Northern Trust Corp bought a new stake in Innovate Biopharmaceuticals in the second quarter valued at $530,000. Element Capital Management LLC bought a new stake in Innovate Biopharmaceuticals in the first quarter valued at $580,000. Finally, Schwab Charles Investment Management Inc. bought a new stake in Innovate Biopharmaceuticals in the second quarter valued at $814,000. 10.18% of the stock is currently owned by institutional investors.

About Innovate Biopharmaceuticals (NASDAQ:INNT)

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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