Innovate Biopharmaceuticals Inc (NASDAQ:INNT) shares saw unusually-strong trading volume on Wednesday . Approximately 716,898 shares traded hands during trading, an increase of 42% from the previous session’s volume of 505,008 shares.The stock last traded at $1.17 and had previously closed at $0.99.

A number of brokerages have recently issued reports on INNT. ValuEngine upgraded Innovate Biopharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Zacks Investment Research lowered shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd. Finally, HC Wainwright cut their price target on shares of Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating for the company in a report on Monday, July 1st.

The firm has a market cap of $41.98 million, a PE ratio of -1.19 and a beta of -2.46. The business’s 50 day moving average price is $0.92 and its 200 day moving average price is $1.40.

Innovate Biopharmaceuticals (NASDAQ:INNT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). On average, analysts predict that Innovate Biopharmaceuticals Inc will post -0.58 EPS for the current year.

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in shares of Innovate Biopharmaceuticals during the first quarter valued at approximately $28,000. GSA Capital Partners LLP lifted its position in shares of Innovate Biopharmaceuticals by 59.6% in the second quarter. GSA Capital Partners LLP now owns 64,786 shares of the company’s stock valued at $75,000 after acquiring an additional 24,186 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of Innovate Biopharmaceuticals in the second quarter valued at approximately $104,000. Geode Capital Management LLC boosted its stake in shares of Innovate Biopharmaceuticals by 24.9% in the fourth quarter. Geode Capital Management LLC now owns 168,422 shares of the company’s stock worth $389,000 after acquiring an additional 33,606 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Innovate Biopharmaceuticals by 14.5% in the second quarter. Vanguard Group Inc. now owns 955,144 shares of the company’s stock worth $1,108,000 after acquiring an additional 121,104 shares during the last quarter. Institutional investors own 9.71% of the company’s stock.

Innovate Biopharmaceuticals Company Profile (NASDAQ:INNT)

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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