Short Interest in Inotiv, Inc. (NASDAQ:NOTV) Expands By 30.0%
by Michael Walen · The Markets DailyInotiv, Inc. (NASDAQ:NOTV – Get Free Report) was the target of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 3,127,181 shares, a growth of 30.0% from the February 26th total of 2,405,245 shares. Approximately 9.9% of the company’s stock are short sold. Based on an average daily volume of 680,806 shares, the short-interest ratio is currently 4.6 days.
Inotiv Stock Performance
Shares of NASDAQ NOTV traded down $0.00 during mid-day trading on Friday, hitting $0.27. The stock had a trading volume of 274,018 shares, compared to its average volume of 515,258. The company has a 50 day moving average of $0.38 and a two-hundred day moving average of $0.80. The firm has a market cap of $9.29 million, a PE ratio of -0.13 and a beta of 4.22. Inotiv has a twelve month low of $0.25 and a twelve month high of $3.32.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its position in Inotiv by 16.4% during the 2nd quarter. American Century Companies Inc. now owns 41,933 shares of the company’s stock worth $76,000 after purchasing an additional 5,894 shares during the period. Marshall Wace LLP boosted its stake in shares of Inotiv by 22.6% in the second quarter. Marshall Wace LLP now owns 122,372 shares of the company’s stock worth $223,000 after buying an additional 22,578 shares during the last quarter. Jane Street Group LLC acquired a new stake in Inotiv during the second quarter worth about $233,000. Balyasny Asset Management L.P. grew its holdings in 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 acquiring an additional 384,696 shares during the period. Finally, Bluefin Capital Management LLC purchased a new position in Inotiv during the second quarter valued at approximately $178,000. 18.17% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
NOTV has been the topic of several research reports. Lake Street Capital cut their price objective on shares of Inotiv from $3.00 to $1.50 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Inotiv in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Inotiv has an average rating of “Hold” and an average target price of $1.50.
Check Out Our Latest Stock Analysis on NOTV
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.