Inotiv (NASDAQ:NOTV) Trading Down 0.4% – Time to Sell?

Inotiv, Inc. (NASDAQ:NOTV) shares dropped 0.4% during mid-day trading on Wednesday . The company traded as low as $0.6281 and last traded at $0.6450. Approximately 256,382 shares were traded during trading, a decline of 35% from the average daily volume of 396,563 shares. The stock had previously closed at $0.6478.

Analysts Set New Price Targets

NOTV has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inotiv in a research note on Monday. 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 report 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’s stock. According to MarketBeat.com, Inotiv presently has a consensus rating of “Hold” and an average target price of $3.00.

Inotiv Stock Down 0.4%

The stock has a market capitalization of $22.17 million, a PE ratio of -0.29 and a beta of 4.33. The firm’s fifty day moving average is $0.98 and its 200-day moving average is $1.52.

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

Hedge Funds Weigh In On Inotiv

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in shares of Inotiv by 5,660.0% in the third quarter. Bank of America Corp DE now owns 21,888 shares of the company’s stock valued at $32,000 after purchasing an additional 21,508 shares during the period. Charles Schwab Investment Management Inc. acquired a new stake in shares of Inotiv during the 1st quarter valued at approximately $33,000. Corient Private Wealth LLC purchased a new stake in shares of Inotiv during the 2nd quarter worth approximately $44,000. McAdam LLC purchased a new position in Inotiv in the 1st quarter valued at approximately $63,000. Finally, BNP Paribas Financial Markets raised its holdings in 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 purchasing an additional 47,587 shares during the last quarter. 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.