ValuEngine upgraded shares of Innovate Biopharmaceuticals (NASDAQ:INNT) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Other research analysts also recently issued research reports about the stock. HC Wainwright set a $35.00 target price on shares of Innovate Biopharmaceuticals and gave the company a buy rating in a research report on Friday, August 24th. Seaport Global Securities reaffirmed a buy rating on shares of Innovate Biopharmaceuticals in a research report on Wednesday, June 13th.

Innovate Biopharmaceuticals stock opened at $7.96 on Friday. Innovate Biopharmaceuticals has a 1-year low of $3.43 and a 1-year high of $50.50.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its earnings results on Wednesday, August 15th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates 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 expect that Innovate Biopharmaceuticals will post -1.25 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in Innovate Biopharmaceuticals in the first quarter valued at $214,000. Element Capital Management LLC acquired a new stake in Innovate Biopharmaceuticals in the first quarter valued at $580,000. Millennium Management LLC acquired a new stake in Innovate Biopharmaceuticals in the first quarter valued at $3,616,000. Rhumbline Advisers acquired a new stake in Innovate Biopharmaceuticals in the second quarter valued at $398,000. Finally, Bank of New York Mellon Corp acquired a new stake in Innovate Biopharmaceuticals in the second quarter valued at $917,000. 10.18% of the stock is owned by institutional investors and hedge funds.

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 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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