Innovate Biopharmaceuticals Inc (NASDAQ:INNT) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,830,000 shares, an increase of 8.9% from the December 15th total of 1,680,000 shares. Based on an average trading volume of 431,300 shares, the short-interest ratio is currently 4.2 days. Approximately 8.0% of the company’s stock are sold short.

NASDAQ INNT remained flat at $$0.65 during mid-day trading on Wednesday. 2,300 shares of the company were exchanged, compared to its average volume of 522,689. Innovate Biopharmaceuticals has a 52 week low of $0.40 and a 52 week high of $4.32. The firm has a market cap of $23.50 million, a PE ratio of -0.66 and a beta of -2.58. The business’s 50-day moving average price is $0.66 and its two-hundred day moving average price is $0.90.

Innovate Biopharmaceuticals (NASDAQ:INNT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.05). Equities research analysts predict that Innovate Biopharmaceuticals will post -0.58 earnings per share for the current year.

A hedge fund recently bought a new stake in Innovate Biopharmaceuticals stock. Paloma Partners Management Co bought a new stake in shares of Innovate Biopharmaceuticals Inc (NASDAQ:INNT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 89,694 shares of the company’s stock, valued at approximately $104,000. Paloma Partners Management Co owned approximately 0.25% of Innovate Biopharmaceuticals at the end of the most recent quarter. 7.26% of the stock is currently owned by institutional investors and hedge funds.

Separately, Zacks Investment Research lowered shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

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 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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