Inotiv (NASDAQ:NOTV) Announces Quarterly Earnings Results

Inotiv (NASDAQ:NOTV) announced its quarterly earnings data on Monday. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.30), Zacks reports. Inotiv had a negative net margin of 13.50% and a negative return on equity of 28.95%.

Inotiv Stock Down 3.5%

Shares of NASDAQ:NOTV traded down $0.01 during trading on Monday, hitting $0.29. 261,495 shares of the stock traded hands, compared to its average volume of 583,830. The company has a market cap of $10.10 million, a price-to-earnings ratio of -0.14 and a beta of 3.82. The company has a fifty day moving average price of $0.31 and a two-hundred day moving average price of $0.59. Inotiv has a 52-week low of $0.22 and a 52-week high of $3.32.

Hedge Funds Weigh In On Inotiv

Several institutional investors have recently made changes to their positions in the company. American Century Companies Inc. increased its holdings in shares of Inotiv by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock valued at $76,000 after purchasing an additional 5,894 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Inotiv by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,404,738 shares of the company’s stock valued at $2,037,000 after purchasing an additional 20,890 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Inotiv by 5,660.0% during the 3rd quarter. Bank of America Corp DE now owns 21,888 shares of the company’s stock valued at $32,000 after purchasing an additional 21,508 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Inotiv by 22.6% during the 2nd quarter. Marshall Wace LLP now owns 122,372 shares of the company’s stock valued at $223,000 after purchasing an additional 22,578 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of Inotiv during the 2nd quarter valued at approximately $44,000. 18.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on NOTV shares. Lake Street Capital decreased their price objective on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Inotiv in a research note on Friday, April 10th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $1.50.

Inotiv Company Profile

Inotiv, Inc, formerly known as Bioanalytical Systems, Inc (NASDAQ: NOTV), is a global contract research organization (CRO) specializing in preclinical drug discovery, development and testing services. The company partners with pharmaceutical, biotech and medical device companies to advance candidate molecules through early‐stage research and safety assessment. Inotiv’s integrated platform spans in vivo and in vitro pharmacology, drug metabolism and pharmacokinetics (DMPK), toxicology, pathology and bioanalysis.

The company’s core service offerings include discovery pharmacology, safety assessment toxicology, pathology, bioanalysis and regulatory support.