Inotiv, Inc. (NASDAQ:NOTV) Sees Significant Increase in Short Interest

Inotiv, Inc. (NASDAQ:NOTV) saw a significant increase in short interest during the month of 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. Based on an average daily volume of 431,384 shares, the short-interest ratio is presently 5.6 days. Approximately 7.6% of the shares of the company are short sold. Approximately 7.6% of the shares of the company are short sold. Based on an average daily volume of 431,384 shares, the short-interest ratio is presently 5.6 days.

Analysts Set New Price Targets

NOTV has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Inotiv in a research report on Monday, December 29th. Lake Street Capital lowered their target price on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $1.50.

Inotiv Stock Down 3.3%

Shares of NOTV stock traded down $0.01 during trading hours on Wednesday, reaching $0.37. 122,689 shares of the company’s stock were exchanged, compared to its average volume of 455,874. Inotiv has a fifty-two week low of $0.25 and a fifty-two week high of $3.35. The stock has a market capitalization of $12.76 million, a P/E ratio of -0.18 and a beta of 4.22. The business has a fifty day moving average price of $0.42 and a 200-day moving average price of $0.87.

Hedge Funds Weigh In On Inotiv

Several large investors have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new stake in Inotiv in the 3rd quarter worth $340,000. Balyasny Asset Management L.P. lifted its stake in shares of Inotiv by 30.3% in the second quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock valued at $3,011,000 after buying an additional 384,696 shares during the period. Massar Capital Management LP grew 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 buying an additional 200,000 shares in the last quarter. Voleon Capital Management LP acquired a new stake in Inotiv during the third quarter worth about $205,000. Finally, JPMorgan Chase & Co. increased its stake in Inotiv by 71,367.4% during the third quarter. JPMorgan Chase & Co. now owns 96,481 shares of the company’s stock valued at $140,000 after acquiring an additional 96,346 shares during the period. 18.17% of the stock is currently 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.