Innovate Biopharmaceuticals (INNT) Posts Earnings Results, Meets Estimates

Innovate Biopharmaceuticals (NASDAQ:INNT) announced its quarterly earnings data on Monday. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.11), Zacks reports.

Shares of NASDAQ:INNT opened at $2.22 on Wednesday. The company has a market cap of $64.66 million, a P/E ratio of -2.27 and a beta of -3.51. Innovate Biopharmaceuticals has a 12-month low of $1.70 and a 12-month high of $50.50.

A hedge fund recently raised its stake in Innovate Biopharmaceuticals stock. Geode Capital Management LLC boosted its holdings in Innovate Biopharmaceuticals Inc (NASDAQ:INNT) by 24.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 168,422 shares of the company’s stock after purchasing an additional 33,606 shares during the quarter. Geode Capital Management LLC owned approximately 0.65% of Innovate Biopharmaceuticals worth $389,000 as of its most recent SEC filing. 12.26% of the stock is owned by hedge funds and other institutional investors.

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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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Earnings History for Innovate Biopharmaceuticals (NASDAQ:INNT)

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