Lake Street downgraded Inotiv to Hold from Buy with a price target of $2, down from $10. The company’s Q2 revenue of $119M was below consensus and the company withdrew revenue and AEBITDA guidance given its NHP challenges, notes the firm, which points out that the company disclosed in its 10-Q that if results do not improve a going concern warning would be in order. In the immediate term, the focus will be on the outlook and balance sheet and the firm expects shares to be range-bound.
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