Inotiv (NASDAQ:NOTV) Shares Up 13% – Here’s Why
by Sarita Garza · The Markets DailyInotiv, Inc. (NASDAQ:NOTV – Get Free Report) shares rose 13% during mid-day trading on Monday . The stock traded as high as $0.3090 and last traded at $0.3060. Approximately 669,100 shares changed hands during trading, an increase of 25% from the average daily volume of 537,018 shares. The stock had previously closed at $0.2707.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on NOTV shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Inotiv in a report on Monday, December 29th. Lake Street Capital reduced their price objective on Inotiv from $3.00 to $1.50 and set a “buy” rating for the company in a research report on Tuesday, February 10th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Inotiv currently has a consensus rating of “Hold” and an average target price of $1.50.
Check Out Our Latest Stock Report on Inotiv
Inotiv Stock Up 26.2%
The company has a market capitalization of $12.35 million, a PE ratio of -0.18 and a beta of 4.22. The company’s 50 day moving average is $0.46 and its two-hundred day moving average is $0.97.
Inotiv (NASDAQ:NOTV – Get Free Report) last issued its earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The firm had revenue of $138.14 million during the quarter, compared to the consensus estimate of $133.36 million. Inotiv had a negative return on equity of 28.95% and a negative net margin of 13.50%. Analysts forecast that Inotiv, Inc. will post -0.79 EPS for the current year.
Hedge Funds Weigh In On Inotiv
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its position in Inotiv by 5,660.0% during the third quarter. Bank of America Corp DE now owns 21,888 shares of the company’s stock valued at $32,000 after purchasing an additional 21,508 shares during the period. Squarepoint Ops LLC raised its holdings in Inotiv by 304.2% during the 4th quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock valued at $33,000 after buying an additional 44,554 shares during the period. Virtu Financial LLC lifted its position in Inotiv by 313.6% in the fourth 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 last quarter. Corient Private Wealth LLC bought a new stake in Inotiv in the second quarter worth $44,000. Finally, BNP Paribas Financial Markets boosted its stake in Inotiv by 11,118.5% during the third quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock worth $70,000 after buying an additional 47,587 shares during the period. 18.17% of the stock is owned by hedge funds and other institutional investors.
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.