Inotiv (NASDAQ:NOTV) Announces Quarterly Earnings Results

Inotiv (NASDAQ:NOTV) released its earnings results on Monday. The company reported ($0.72) earnings per share for the quarter, Zacks reports. Inotiv had a negative return on equity of 17.15% and a negative net margin of 13.38%.

Inotiv Stock Up 7.3%

NOTV opened at $0.42 on Monday. The firm has a market cap of $14.39 million, a P/E ratio of -0.19 and a beta of 4.21. The business’s fifty day simple moving average is $0.63 and its 200 day simple moving average is $1.18. Inotiv has a 52 week low of $0.38 and a 52 week high of $4.51.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Inotiv in a report on Monday, December 29th. Lake Street Capital reduced their target price on shares of Inotiv from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, December 4th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Trading of Inotiv

A number of hedge funds have recently added to or reduced their stakes in NOTV. Balyasny Asset Management L.P. increased its stake in shares of Inotiv by 30.3% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock valued at $3,011,000 after acquiring an additional 384,696 shares during the last quarter. Vanguard Group Inc. grew its holdings in Inotiv by 1.5% in the third quarter. Vanguard Group Inc. now owns 1,404,738 shares of the company’s stock valued at $2,037,000 after purchasing an additional 20,890 shares during the period. Massar Capital Management LP increased its position in Inotiv by 133.3% during the second quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock worth $637,000 after purchasing an additional 200,000 shares during the last quarter. Citadel Advisors LLC raised its stake in Inotiv by 99.5% during the third quarter. Citadel Advisors LLC now owns 255,858 shares of the company’s stock worth $371,000 after purchasing an additional 127,595 shares during the period. Finally, Voleon Capital Management LP purchased a new position in Inotiv during the third quarter worth approximately $205,000. 18.17% of the stock is owned by institutional investors and hedge funds.

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.