Innovate Biopharmaceuticals Inc (NASDAQ:INNT) was down 6.5% on Tuesday . The company traded as low as $7.27 and last traded at $7.44. Approximately 1,631,200 shares were traded during trading, an increase of 245% from the average daily volume of 473,338 shares. The stock had previously closed at $7.96.

A number of equities research analysts recently weighed in on INNT shares. Seaport Global Securities reaffirmed a “buy” rating on shares of Innovate Biopharmaceuticals in a report on Wednesday, June 13th. ValuEngine cut Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Finally, HC Wainwright started coverage on Innovate Biopharmaceuticals in a report on Tuesday, July 17th. They set a “buy” rating and a $35.00 price target for the company.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in shares of Innovate Biopharmaceuticals in the 1st quarter valued at $214,000. Rhumbline Advisers acquired a new stake in shares of Innovate Biopharmaceuticals in the 2nd quarter valued at $398,000. Element Capital Management LLC acquired a new stake in shares of Innovate Biopharmaceuticals in the 1st quarter valued at $580,000. Northern Trust Corp acquired a new stake in shares of Innovate Biopharmaceuticals in the 2nd quarter valued at $530,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in shares of Innovate Biopharmaceuticals in the 2nd quarter valued at $814,000. 10.18% of the stock is 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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