Brokerages Expect Innovate Biopharmaceuticals Inc (INNT) Will Announce Earnings of -$0.21 Per Share

Equities analysts expect Innovate Biopharmaceuticals Inc (NASDAQ:INNT) to announce earnings of ($0.21) per share for the current quarter, according to Zacks. Zero analysts have made estimates for Innovate Biopharmaceuticals’ earnings. The business is scheduled to report its next quarterly earnings report on Wednesday, November 21st.

On average, analysts expect that Innovate Biopharmaceuticals will report full year earnings of ($1.24) per share for the current financial year. For the next fiscal year, analysts expect that the firm will post earnings of ($0.97) per share. Zacks’ earnings per share averages are an average based on a survey of analysts that that provide coverage for Innovate Biopharmaceuticals.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its quarterly earnings results on Wednesday, August 15th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.05.

A number of research analysts recently issued reports on INNT shares. ValuEngine cut shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. HC Wainwright started coverage on shares of Innovate Biopharmaceuticals in a research report on Tuesday, July 17th. They set a “buy” rating and a $35.00 price target for the company. Finally, Zacks Investment Research raised shares of Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research report on Wednesday, September 26th.

Large investors have recently added to or reduced their stakes in the business. Hillview Capital Advisors LLC bought a new stake in Innovate Biopharmaceuticals during the 3rd quarter valued at about $134,000. Bank of Montreal Can grew its stake in shares of Innovate Biopharmaceuticals by 15,264.9% in the third quarter. Bank of Montreal Can now owns 20,128 shares of the company’s stock worth $138,000 after acquiring an additional 19,997 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Innovate Biopharmaceuticals in the third quarter worth approximately $150,000. First Quadrant L P CA bought a new stake in shares of Innovate Biopharmaceuticals in the third quarter worth approximately $162,000. Finally, Jane Street Group LLC bought a new stake in shares of Innovate Biopharmaceuticals in the first quarter worth approximately $214,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

NASDAQ INNT traded down $0.11 during trading hours on Friday, reaching $3.95. 35,098 shares of the company’s stock traded hands, compared to its average volume of 314,755. Innovate Biopharmaceuticals has a 52-week low of $3.43 and a 52-week high of $50.50.

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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