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

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

Inotiv Trading Down 3.5%

NOTV stock traded down $0.01 during trading on Monday, hitting $0.29. 261,495 shares of the stock traded hands, compared to its average volume of 583,830. Inotiv has a one year low of $0.22 and a one year high of $3.32. The stock has a market cap of $10.10 million, a price-to-earnings ratio of -0.14 and a beta of 3.82. The company has a 50 day simple moving average of $0.31 and a 200 day simple moving average of $0.59.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Inotiv in a report on Friday, April 10th. 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. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Inotiv currently has a consensus rating of “Hold” and an average target price of $1.50.

Hedge Funds Weigh In On Inotiv

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised 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 worth $32,000 after acquiring an additional 21,508 shares during the last quarter. Corient Private Wealth LLC bought a new position in shares of Inotiv in the second quarter worth about $44,000. American Century Companies Inc. raised its stake in shares of Inotiv by 16.4% in the second quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock worth $76,000 after acquiring an additional 5,894 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Inotiv by 11,118.5% in the third quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock worth $70,000 after acquiring an additional 47,587 shares during the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of Inotiv by 304.2% in the fourth quarter. Squarepoint Ops LLC now owns 59,202 shares of the company’s stock worth $33,000 after acquiring an additional 44,554 shares during the last quarter. 18.17% of the stock is owned by 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.