Investors Buy Large Volume of Call Options on Inotiv (NASDAQ:NOTV)

Inotiv, Inc. (NASDAQ:NOTV) was the recipient of unusually large options trading on Tuesday. Investors acquired 5,192 call options on the stock. This is an increase of 2,063% compared to the typical volume of 240 call options.

Inotiv Trading Up 15.0 %

NOTV opened at $4.53 on Wednesday. Inotiv has a twelve month low of $1.23 and a twelve month high of $11.42. The firm has a market cap of $117.85 million, a PE ratio of -1.08 and a beta of 3.62. The company has a debt-to-equity ratio of 2.29, a quick ratio of 1.22 and a current ratio of 1.37. The firm’s fifty day moving average is $3.11 and its two-hundred day moving average is $2.21.

Insiders Place Their Bets

In related news, COO John Gregory Beattie purchased 30,000 shares of Inotiv stock in a transaction dated Tuesday, December 10th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $142,500.00. Following the transaction, the chief operating officer now directly owns 161,761 shares of the company’s stock, valued at approximately $768,364.75. This trade represents a 22.77 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Nigel Brown acquired 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average cost of $4.26 per share, with a total value of $31,950.00. Following the completion of the purchase, the director now owns 65,537 shares of the company’s stock, valued at $279,187.62. This trade represents a 12.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 71,029 shares of company stock valued at $314,248. 5.80% of the stock is currently owned by insiders.

Institutional Trading of Inotiv

Several hedge funds have recently added to or reduced their stakes in NOTV. American Century Companies Inc. grew its stake in Inotiv by 109.6% in the second quarter. American Century Companies Inc. now owns 295,589 shares of the company’s stock valued at $491,000 after acquiring an additional 154,541 shares during the period. King Luther Capital Management Corp lifted its holdings in shares of Inotiv by 101.4% during the 2nd quarter. King Luther Capital Management Corp now owns 198,600 shares of the company’s stock valued at $330,000 after purchasing an additional 100,000 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Inotiv by 29.9% in the second quarter. Renaissance Technologies LLC now owns 164,164 shares of the company’s stock valued at $273,000 after buying an additional 37,800 shares in the last quarter. Geode Capital Management LLC boosted 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 purchasing an additional 18,039 shares during the period. Finally, KPP Advisory Services LLC boosted its position in shares of Inotiv by 4.5% during the second 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 during the period. Institutional investors and hedge funds own 18.17% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Inotiv

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.