Inotiv (NASDAQ:NOTV) Shares Up 1.1% – Should You Buy?

Inotiv, Inc. (NASDAQ:NOTV) shares traded up 1.1% during trading on Monday . The stock traded as high as $0.5337 and last traded at $0.5057. 322,896 shares changed hands during mid-day trading, an increase of 23% from the average session volume of 261,480 shares. The stock had previously closed at $0.5003.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NOTV. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inotiv in a report on Monday, December 29th. Lake Street Capital lowered their price target on shares of Inotiv from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, December 4th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.00.

Inotiv Stock Performance

The firm has a market capitalization of $17.39 million, a PE ratio of -0.23 and a beta of 4.21. The firm’s 50-day moving average is $0.66 and its 200 day moving average is $1.22.

Inotiv (NASDAQ:NOTV) last announced its quarterly earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17). Inotiv had a negative net margin of 13.38% and a negative return on equity of 17.15%. The business had revenue of $138.14 million during the quarter, compared to analysts’ expectations of $133.36 million. As a group, equities analysts anticipate that Inotiv, Inc. will post -0.79 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. grew its holdings in shares of Inotiv by 30.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,654,648 shares of the company’s stock worth $3,011,000 after buying an additional 384,696 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Inotiv in the 3rd quarter worth approximately $340,000. Massar Capital Management LP grew its stake in Inotiv by 133.3% in the 2nd quarter. Massar Capital Management LP now owns 350,000 shares of the company’s stock worth $637,000 after acquiring an additional 200,000 shares during the period. Acorn Creek Capital LLC acquired a new position in Inotiv in the 2nd quarter valued at $289,000. Finally, EHP Funds Inc. purchased a new position in shares of Inotiv during the 3rd quarter worth $215,000. 18.17% of the stock is currently owned by hedge funds and other institutional investors.

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.