Inotiv, Inc. (NASDAQ:NOTV) Sees Large Increase in Short Interest
by Danessa Lincoln · The Markets DailyInotiv, Inc. (NASDAQ:NOTV – Get Free Report) saw a significant increase in short interest in February. As of February 27th, there was short interest totaling 2,405,245 shares, an increase of 19.2% from the February 12th total of 2,017,978 shares. Approximately 7.6% of the shares of the stock are sold short. Based on an average daily volume of 431,384 shares, the days-to-cover ratio is currently 5.6 days. Based on an average daily volume of 431,384 shares, the days-to-cover ratio is currently 5.6 days. Approximately 7.6% of the shares of the stock are sold short.
Inotiv Trading Up 6.2%
Shares of NASDAQ NOTV traded up $0.02 during trading hours on Tuesday, reaching $0.38. The stock had a trading volume of 187,611 shares, compared to its average volume of 462,790. Inotiv has a 52-week low of $0.25 and a 52-week high of $3.35. The firm has a market cap of $13.20 million, a price-to-earnings ratio of -0.19 and a beta of 4.22. The business’s fifty day moving average price is $0.43 and its two-hundred day moving average price is $0.88.
Institutional Investors Weigh In On Inotiv
Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of 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 buying an additional 21,508 shares during the period. Corient Private Wealth LLC purchased a new stake in Inotiv in the second quarter worth about $44,000. American Century Companies Inc. grew its holdings in Inotiv by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock worth $76,000 after acquiring an additional 5,894 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Inotiv by 11,118.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock worth $70,000 after acquiring an additional 47,587 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position 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 purchasing an additional 44,554 shares during the period. 18.17% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have commented on NOTV shares. Lake Street Capital dropped their price objective 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 reaffirmed a “sell (d-)” rating on shares of Inotiv in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Inotiv presently has a consensus rating of “Hold” and an average target price of $1.50.
Read Our Latest Analysis on NOTV
About Inotiv
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.