Inotiv (NASDAQ:NOTV) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Inotiv (NASDAQ:NOTVGet Rating) from a hold rating to a sell rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Inotiv Inc. is a pharmaceutical development company. It involved in providing contract research services and monitoring instruments to emerging pharmaceutical companies. Inotiv Inc., formerly known as Bioanalytical Systems Inc., is based in WEST LAFAYETTE, Ind. “

NOTV has been the topic of several other research reports. TheStreet lowered Inotiv from a b- rating to a c rating in a research note on Monday, January 31st. Colliers Securities reiterated a buy rating on shares of Inotiv in a research note on Tuesday, March 22nd. Finally, Lake Street Capital lifted their price target on Inotiv from $60.00 to $75.00 in a research note on Friday, February 11th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $58.50.

Inotiv stock opened at $25.42 on Tuesday. The stock’s fifty day moving average price is $25.61 and its two-hundred day moving average price is $35.69. Inotiv has a one year low of $17.40 and a one year high of $60.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.63 and a quick ratio of 1.29. The firm has a market cap of $647.17 million, a PE ratio of -6.23 and a beta of 2.00.

Inotiv (NASDAQ:NOTVGet Rating) last issued its quarterly earnings results on Thursday, February 10th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.70). Inotiv had a negative net margin of 49.16% and a negative return on equity of 5.32%. The business had revenue of $84.21 million during the quarter. Sell-side analysts expect that Inotiv will post -3.09 earnings per share for the current fiscal year.

In other news, Director Gregory Cole Davis acquired 1,250 shares of Inotiv stock in a transaction that occurred on Thursday, February 17th. The shares were acquired at an average price of $20.57 per share, for a total transaction of $25,712.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Philip A. Downing acquired 2,000 shares of Inotiv stock in a transaction that occurred on Tuesday, February 22nd. The shares were purchased at an average price of $23.97 per share, for a total transaction of $47,940.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 56,524 shares of company stock worth $1,165,916 in the last 90 days. 9.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in NOTV. Morgan Stanley lifted its holdings in Inotiv by 8,541.0% during the 2nd quarter. Morgan Stanley now owns 22,121 shares of the company’s stock worth $590,000 after buying an additional 21,865 shares during the period. Bank of America Corp DE lifted its holdings in Inotiv by 2,350.4% during the 2nd quarter. Bank of America Corp DE now owns 2,867 shares of the company’s stock worth $76,000 after buying an additional 2,750 shares during the period. Invesco Ltd. acquired a new position in Inotiv during the 2nd quarter worth about $203,000. Calamos Advisors LLC lifted its holdings in Inotiv by 100.3% during the 3rd quarter. Calamos Advisors LLC now owns 141,840 shares of the company’s stock worth $4,148,000 after buying an additional 71,042 shares during the period. Finally, PNC Financial Services Group Inc. acquired a new position in Inotiv during the 3rd quarter worth about $73,000. 49.71% of the stock is currently owned by hedge funds and other institutional investors.

About Inotiv (Get Rating)

Inotiv, Inc provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries. It operates through two segments, Contract Research Services and Research Products.

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