Innovate Biopharmaceuticals Inc (NASDAQ:INNT) Short Interest Up 8.9% in December

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Innovate Biopharmaceuticals Inc (NASDAQ:INNT) saw a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,830,000 shares, a growth of 8.9% from the December 15th total of 1,680,000 shares. Currently, 8.0% of the company’s stock are sold short. Based on an average trading volume of 431,300 shares, the short-interest ratio is presently 4.2 days.

Separately, Zacks Investment Research lowered shares of Innovate Biopharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th.

Shares of INNT traded down $0.01 on Thursday, reaching $0.66. The company’s stock had a trading volume of 500 shares, compared to its average volume of 892,596. Innovate Biopharmaceuticals has a twelve month low of $0.40 and a twelve month high of $4.32. The stock has a market capitalization of $23.92 million, a PE ratio of -0.67 and a beta of -2.58. The firm has a fifty day moving average of $0.66 and a 200-day moving average of $0.90.

Innovate Biopharmaceuticals (NASDAQ:INNT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.05). Equities research analysts forecast that Innovate Biopharmaceuticals will post -0.58 EPS for the current fiscal year.

A hedge fund recently bought a new stake in Innovate Biopharmaceuticals stock. Paloma Partners Management Co acquired a new position in Innovate Biopharmaceuticals Inc (NASDAQ:INNT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 89,694 shares of the company’s stock, valued at approximately $104,000. Paloma Partners Management Co owned approximately 0.25% of Innovate Biopharmaceuticals as of its most recent filing with the Securities and Exchange Commission. 7.26% of the stock is currently owned by institutional investors and hedge funds.

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 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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