Shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) fell 8.9% during mid-day trading on Tuesday . The company traded as low as $1.37 and last traded at $1.43. 1,003,034 shares were traded during mid-day trading, an increase of 40% from the average session volume of 718,872 shares. The stock had previously closed at $1.57.

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.14 and a quick ratio of 0.63.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its earnings results on Monday, March 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11).

Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Innovate Biopharmaceuticals during the first quarter worth approximately $28,000. Rhumbline Advisers increased its position in Innovate Biopharmaceuticals by 47.2% during the fourth quarter. Rhumbline Advisers now owns 23,372 shares of the company’s stock worth $54,000 after buying an additional 7,490 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Innovate Biopharmaceuticals during the fourth quarter worth approximately $61,000. Magnus Financial Group LLC acquired a new position in Innovate Biopharmaceuticals during the fourth quarter worth approximately $114,000. Finally, Bank of New York Mellon Corp increased its position in Innovate Biopharmaceuticals by 71.6% during the fourth quarter. Bank of New York Mellon Corp now owns 68,676 shares of the company’s stock worth $158,000 after buying an additional 28,648 shares during the last quarter. 10.26% of the stock is currently owned by hedge funds and other institutional investors.

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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 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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