Insider Buying: Inotiv, Inc. (NASDAQ:NOTV) Director Acquires 10,000 Shares of Stock

Inotiv, Inc. (NASDAQ:NOTV) Director Michael J. Harrington acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $3.98 per share, for a total transaction of $39,800.00. Following the completion of the transaction, the director now directly owns 37,500 shares in the company, valued at $149,250. This represents a 36.36 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Inotiv Stock Performance

NASDAQ NOTV opened at $4.84 on Wednesday. The firm has a market capitalization of $125.91 million, a price-to-earnings ratio of -1.16 and a beta of 3.62. The company has a current ratio of 1.37, a quick ratio of 1.22 and a debt-to-equity ratio of 2.29. The firm’s 50 day simple moving average is $2.59 and its 200 day simple moving average is $2.03. Inotiv, Inc. has a 1 year low of $1.23 and a 1 year high of $11.42.

Institutional Investors Weigh In On Inotiv

Large investors have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in shares of Inotiv by 109.6% during the second quarter. American Century Companies Inc. now owns 295,589 shares of the company’s stock valued at $491,000 after buying an additional 154,541 shares during the last quarter. King Luther Capital Management Corp grew its stake in Inotiv by 101.4% during the second quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock valued at $330,000 after acquiring an additional 100,000 shares in the last quarter. Renaissance Technologies LLC grew its stake in Inotiv by 29.9% during the second quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock valued at $273,000 after acquiring an additional 37,800 shares in the last quarter. Geode Capital Management LLC grew its stake in Inotiv by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 250,895 shares of the company’s stock worth $427,000 after buying an additional 18,039 shares in the last quarter. Finally, KPP Advisory Services LLC grew its stake in Inotiv by 4.5% in the 2nd quarter. KPP Advisory Services LLC now owns 238,138 shares of the company’s stock worth $395,000 after buying an additional 10,347 shares in the last quarter. 18.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital raised shares of Inotiv from a “hold” rating to a “buy” rating and boosted their price target for the stock from $2.00 to $4.00 in a research report on Monday, September 30th.

Inotiv Company Profile

Inotiv, Inc provides nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries. It operates through two segment: Discovery and Safety Assessment (DSA), and Research Models and Services (RMS). The DMS segment manufactured scientific instruments for life sciences research and the related software for use by pharmaceutical companies, universities, government research centers, and medical research institutions under the Company's BASi product line.