Inotiv (NASDAQ:NOTV) Issues Quarterly Earnings Results, Misses Expectations By $0.30 EPS

Inotiv (NASDAQ:NOTV) issued its quarterly earnings results on Monday. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.30), Zacks reports. Inotiv had a negative return on equity of 28.95% and a negative net margin of 13.50%.

Inotiv Price Performance

NASDAQ NOTV traded down $0.01 on Monday, hitting $0.29. The company had a trading volume of 261,495 shares, compared to its average volume of 583,830. Inotiv has a 12-month low of $0.22 and a 12-month high of $3.32. The company has a market capitalization of $10.10 million, a PE ratio of -0.14 and a beta of 3.82. The company’s fifty day moving average price is $0.31 and its 200-day moving average price is $0.59.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Lake Street Capital cut their price target on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating for the company in a report on Tuesday, February 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Inotiv in a report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Inotiv presently has an average rating of “Hold” and an average price target of $1.50.

Institutional Investors Weigh In On Inotiv

Large investors have recently modified their holdings of the business. Bank of America Corp DE grew its holdings 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 worth $32,000 after buying an additional 21,508 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Inotiv by 304.2% during the fourth quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock worth $33,000 after buying an additional 44,554 shares in the last quarter. Virtu Financial LLC grew its holdings in shares of Inotiv by 313.6% during 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 in the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Inotiv during the second quarter worth $44,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 18.17% of the company’s stock.

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.