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Here’s Why Inotiv (NOTV) Declined in Q4

Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Growth—U.S. Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy declined and underperformed its benchmark, the Russell Microcap Index in the fourth quarter, which gained 4.72%. The disappointing returns in industrials, financials, and consumer discretionary were the primary source of the strategy’s weakness relative to the benchmark while consumer staples positively contributed to the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch Micro Cap Growth—U.S. Strategy highlighted stocks like Inotiv, Inc. (NASDAQ:NOTV) in the Q4 2022 investor letter. Based in West Lafayette, Indiana, Inotiv, Inc. (NASDAQ:NOTV) is a drug discovery and development services provider that operates through Contract Research Services and Research Products segments. On March 21, 2023, Inotiv, Inc. (NASDAQ:NOTV) stock closed at $4.7000 per share. One-month return of Inotiv, Inc. (NASDAQ:NOTV) was -35.17%, and its shares lost 79.67% of their value over the last 52 weeks. Inotiv, Inc. (NASDAQ:NOTV) has a market capitalization of $120.467 million.

Wasatch Micro Cap Growth—U.S. Strategy made the following comment about Inotiv, Inc. (NASDAQ:NOTV) in its Q4 2022 investor letter:

"Another significant detractor was Inotiv, Inc. (NASDAQ:NOTV). The company, a contract-research organization that serves the biotechnology industry, is a major buyer of non-human primates (NHPs) for medical testing. NHPs are vital for medical advances and are often necessary to gain regulatory approvals for drugs and other treatments. A mid-quarter announcement that Inotiv’s main provider of NHPs was associated with an indictment related to animal smuggling raised concerns that the company might have trouble securing a sufficient allotment in the future. Looking ahead, the fate of NHP supplies is uncertain. But given the overall supply shortage due to Covid-19 even before the indictment, it’s possible that the interested parties—including regulators—will reach a rapid resolution with minimal disruptions. Nevertheless, we’ll closely monitor developments and adjust our position in Inotiv accordingly."

Photo by RephiLe water on Unsplash

Inotiv, Inc. (NASDAQ:NOTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Inotiv, Inc. (NASDAQ:NOTV) at the end of the fourth quarter which was 18 in the previous quarter.

We discussed Inotiv, Inc. (NASDAQ:NOTV) in another article and shared Headwaters Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.