Innovus Pharmaceuticals Inc.
Innovus Pharmaceuticals Inc. (OTCMKTS:INNV) rebound from this year’s lows continued in Monday’s trading session. The stock was up by 10.8% as investors reacted to equity firm, SeeThruEquity, initiating coverage of the stock with a $0.65 per share price target.
INNV Stock Performance
Renewed investor interest in Innovus Pharmaceutical also follows the announcement of positive third quarter financial results which demonstrated sequential year over year growth. However, the stock is still a shadow of itself in the market after dropping by more than 50%, since the start of the year.
Innovus Pharmaceuticals Inc. (OTCMKTS:INNV) is currently trading in a downtrend and close to its 52-week low of $0.08 a share. However, investor confidence in the stock appears to building up, especially after the company reported a 105% year-over-year increase in sales.
Sales growth underscores the ability of the company to continue generating significant value from its new and existing products through the Beyond Human Sales and Marketing Platform.
“Our first commercial batch of FlutiCare™ was received in October and we launched FlutiCare™ today which is one of the largest milestones for the Company. With the launch, we expect to continue the trend of increasing our net revenue while decreasing our loss from operations as we work towards our goal of profitability in 2018,” said CEO, Bassam Damaj.
Innovus Q3 financials
Net revenue for the three months ended September 30, 2017 totaled $2.2 million. Sales in the quarter was impacted by natural disasters in Florida and Texas, rendering it impossible for Innovus Pharmaceuticals Inc. (OTCMKTS:INNV) to advertise its products. However, sales for the first nine months of the year increased to $6.4 million compared to $3.1 million reported last year.
Net loss for the three months decreased 70% to (-$1.3) million. Innovus Pharmaceuticals Inc. (OTCMKTS:INNV) exited the third quarter with cash and cash equivalent of $1.3 million.
Separately, the commercial stage pharmaceutical company has strengthened its Intellectual Property portfolio with a new patent for Sensum product, in Mexico. The new patent, set to expire in 2033, is the fourth major patent that Innovus Pharmaceutical has received for its non-medicated cream.
Sensum is a non-medicated cream that features essentials oils and ingredients designed to moisturize the head and shaft of the penis for enhance feeling and greater sexual satisfaction.
“To date, we have 16 issued patents and seven patent applications covering our core products and we look forward to increasing that number in 2017 and 2018 and to enhancing the proprietary nature of such products in the marketplace,” said Mr. Damaj.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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