-$0.16 Earnings Per Share Expected for Innovate Biopharmaceuticals Inc (NASDAQ:INNT) This Quarter

Wall Street brokerages expect that Innovate Biopharmaceuticals Inc (NASDAQ:INNT) will post ($0.16) earnings per share for the current fiscal quarter, according to Zacks. Zero analysts have provided estimates for Innovate Biopharmaceuticals’ earnings. Innovate Biopharmaceuticals also posted earnings of ($0.16) per share during the same quarter last year. The business is scheduled to report its next quarterly earnings report before the market opens on Thursday, August 8th.

According to Zacks, analysts expect that Innovate Biopharmaceuticals will report full-year earnings of ($0.58) per share for the current fiscal year. For the next financial year, analysts expect that the firm will post earnings of ($0.68) per share. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Innovate Biopharmaceuticals.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its earnings results on Friday, May 10th. The company reported ($0.17) EPS for the quarter.

Separately, HC Wainwright lowered their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, July 1st.

Several institutional investors have recently made changes to their positions in INNT. BlackRock Inc. grew its stake in shares of Innovate Biopharmaceuticals by 6.4% during the fourth quarter. BlackRock Inc. now owns 1,259,803 shares of the company’s stock worth $2,910,000 after purchasing an additional 76,040 shares during the period. Magnus Financial Group LLC acquired a new stake in shares of Innovate Biopharmaceuticals during the fourth quarter worth $114,000. Geode Capital Management LLC grew its stake in shares of Innovate Biopharmaceuticals by 24.9% during the fourth quarter. Geode Capital Management LLC now owns 168,422 shares of the company’s stock worth $389,000 after purchasing an additional 33,606 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 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 purchasing an additional 28,648 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Innovate Biopharmaceuticals during the fourth quarter worth $61,000. 10.45% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ INNT traded down $0.01 during midday trading on Friday, hitting $1.09. The stock had a trading volume of 921 shares, compared to its average volume of 285,743. The stock has a 50-day simple moving average of $1.19. The stock has a market cap of $39.83 million, a price-to-earnings ratio of -1.11 and a beta of -2.62. Innovate Biopharmaceuticals has a fifty-two week low of $1.07 and a fifty-two week high of $9.68. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.14 and a current ratio of 1.14.

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).

Featured Article: What is Forex?

Get a free copy of the Zacks research report on Innovate Biopharmaceuticals (INNT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Innovate Biopharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovate Biopharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.