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

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

Wall Street Analysts Forecast Growth

Several analysts have commented on NOTV shares. Lake Street Capital lowered their price target on Inotiv from $5.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, December 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Inotiv in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.00.

Inotiv Trading Up 1.1%

The stock’s 50-day moving average is $0.66 and its 200-day moving average is $1.22. The stock has a market cap of $17.39 million, a price-to-earnings ratio of -0.23 and a beta of 4.21.

Inotiv (NASDAQ:NOTV) last released its quarterly earnings data 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 return on equity of 17.15% and a negative net margin of 13.38%.The business had revenue of $138.14 million for the quarter, compared to analysts’ expectations of $133.36 million. On average, equities analysts predict that Inotiv, Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew 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 buying an additional 21,508 shares in the last quarter. Corient Private Wealth LLC purchased a new position in Inotiv in the 2nd quarter worth approximately $44,000. BNP Paribas Financial Markets grew its position in Inotiv by 11,118.5% in the third quarter. BNP Paribas Financial Markets now owns 48,015 shares of the company’s stock valued at $70,000 after acquiring an additional 47,587 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Inotiv by 16.4% during the second quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock valued at $76,000 after purchasing an additional 5,894 shares during the period. Finally, Wexford Capital LP purchased a new stake in shares of Inotiv during the third quarter valued at approximately $127,000. Institutional investors and hedge funds 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.