Market News

Inotiv Stock Plunges 24% on Weak Revenue Guidance

Shares of Inotiv (NASDAQ: NOTV) plunged more than 24% in Monday’s trading session. This can be attributed to a couple of factors.

Firstly, its revenue guidance came in at $547.7 million for Fiscal Year 2022, which was lower than the consensus forecast of approximately $551 million.

Secondly, the company’s supplier is being criminally charged for illegally importing non-human primates from Cambodia. As a result, Inotiv will stop selling Cambodian non-human primates, which would materially impact its financial statements if it can’t resume deliveries before the end of the quarter.

Overall, Wall Street analysts have a consensus price target of $8.50 on NOTV stock, implying over 95% upside potential, as indicated by the graphic above. However, this is likely to change following today’s developments.

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