Inotiv price target lowered to $34 from $64 at Craig-Hallum

Craig-Hallum analyst Matthew Hewitt lowered the firm’s price target on Inotiv to $34 from $64 and keeps a Buy rating on the shares. The analyst notes that Inotiv wrapped up a transformational year which included 31% organic growth, several acquisitions, and the introduction of new products and services that he believes position the company for strong growth in the years to come. As fiscal Q4 ended on Sept. 30th, prior to the DOJ halting imports of NHPs from Inotiv’s Cambodian supplier, Tuesday’s update provided greater detail on what the near-term impact would be from that decision. More importantly, Hewitt believes the base business remains healthy and is growing above market rates and once the NHP situation is resolved, growth rates could accelerate given the intro of new RMS pricing that commenced on January 1st.