H.C. Wainwright Thinks Innovate Biopharmaceuticals Inc’s Stock is Going to Recover


In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Innovate Biopharmaceuticals Inc (NASDAQ: INNT), with a price target of $35. The company’s shares closed yesterday at $5.04, close to its 52-week low of $3.43.

Selvaraju noted:

“Valuation methodology, risks and uncertainties. We utilize a composite discounted cash flow (DCF)-based analysis methodology, which ascribes $800M to INN-202 in celiac disease (70% probability of success based on positive Phase 2b data and 15% discount rate), $400M to INN-108 in ulcerative colitis (65% probability of success and 12% discount rate), and $150M to another formulation of larazotide, designated INN-217, for treatment of NASH (35% probability of success, along with a 15% discount rate).”

According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -4.3% and a 35.0% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.

Innovate Biopharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $35.

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Based on Innovate Biopharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.22 million. In comparison, last year the company had a GAAP net loss of $1.64 million.

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Innovate Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. It is focused on developing novel medicines for autoimmune inflammatory disease. The company is founded by Jay Madan in 2012 and is headquartered in Raleigh, NC.

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