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Innovate Bio up 55% but news scarce

Published 03/02/2018, 03:30 PM
© Reuters.  Innovate Bio up 55% but news scarce
  • Thinly traded nano cap Innovate Biopharmaceuticals (INNT +54.5%) is up on a whopping 46x surge in volume. No particular news accounts for the action.
  • It recently completed a reverse recapitalization with Monster Digital (NASDAQ:MSDI). At the end of Q3 2017, the company had $174K in cash and operations consumed an average of ~$1M during the first three quarters of 2017 so it has an acute need for capital.
  • Its lead product candidate is Phase 3-stage larazotide (INN-202) for the treatment of celiac disease.
  • Now read: Healthcare leads big rebound


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