Inotiv (NASDAQ:NOTV – Get Free Report) announced its earnings results on Monday. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.30), Zacks reports. The company had revenue of $117.65 million for the quarter, compared to analysts’ expectations of $124.74 million. Inotiv had a negative net margin of 13.50% and a negative return on equity of 28.95%.
Inotiv Trading Up 8.5%
Inotiv stock traded up $0.02 during mid-day trading on Wednesday, hitting $0.27. The stock had a trading volume of 877,944 shares, compared to its average volume of 593,015. The firm has a market capitalization of $9.22 million, a P/E ratio of -0.13 and a beta of 3.82. The firm’s 50 day moving average is $0.31 and its 200 day moving average is $0.56. Inotiv has a one year low of $0.22 and a one year high of $3.32.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Lake Street Capital decreased their target price 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 reissued a “sell (e+)” rating on shares of Inotiv in a research report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $1.50.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Virtu Financial LLC boosted its holdings in Inotiv by 313.6% in the 4th quarter. Virtu Financial LLC now owns 66,331 shares of the company’s stock worth $37,000 after buying an additional 50,293 shares during the period. Balyasny Asset Management L.P. boosted its holdings in Inotiv by 49.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,471,849 shares of the company’s stock worth $827,000 after buying an additional 486,113 shares during the period. Squarepoint Ops LLC lifted its stake in Inotiv by 304.2% in the 4th quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock worth $33,000 after purchasing an additional 44,554 shares in the last quarter. Voleon Capital Management LP purchased a new stake in Inotiv in the 3rd quarter worth $205,000. Finally, Wexford Capital LP purchased a new stake in Inotiv in the 3rd quarter worth $127,000. Institutional investors own 18.17% of the company’s stock.
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.
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