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 $5.05, close to its 52-week low of $3.43.
Selvaraju said:
“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 currently no stars on a ranking scale of 0-5 stars, with an average return of -2.6% and a 39.8% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Innovate Biopharmaceuticals Inc with a $35 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $50.50 and a one-year low of $3.43. Currently, Innovate Biopharmaceuticals Inc has an average volume of 565.9K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
