ICONIQ Capital LLC Invests $5.99 Million in Intelligent Bio Solutions Inc. $INBS

ICONIQ Capital LLC acquired a new position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,160,847 shares of the company’s stock, valued at approximately $5,990,000. Intelligent Bio Solutions accounts for about 0.2% of ICONIQ Capital LLC’s holdings, making the stock its 27th biggest holding. ICONIQ Capital LLC owned 48.53% of Intelligent Bio Solutions as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of INBS. Sanctuary Advisors LLC acquired a new stake in shares of Intelligent Bio Solutions during the 2nd quarter worth approximately $201,000. Bank of Nova Scotia acquired a new position in Intelligent Bio Solutions in the second quarter valued at approximately $435,000. Elevation Point Wealth Partners LLC acquired a new position in Intelligent Bio Solutions in the second quarter valued at approximately $159,000. Evolve Private Wealth LLC purchased a new position in Intelligent Bio Solutions in the second quarter worth approximately $107,000. Finally, Callan Family Office LLC purchased a new position in Intelligent Bio Solutions in the second quarter worth approximately $57,000. Institutional investors own 32.97% of the company’s stock.

Intelligent Bio Solutions Price Performance

Shares of Intelligent Bio Solutions stock opened at $2.51 on Monday. The firm’s 50 day moving average is $2.19 and its two-hundred day moving average is $3.02. Intelligent Bio Solutions Inc. has a 52 week low of $1.52 and a 52 week high of $24.90. The firm has a market capitalization of $7.61 million, a P/E ratio of -0.28 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last posted its earnings results on Wednesday, August 19th. The company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.58) by $0.68. Intelligent Bio Solutions had a negative net margin of 294.88% and a negative return on equity of 175.35%. The firm had revenue of $1.15 million for the quarter, compared to the consensus estimate of $1.22 million. As a group, research analysts expect that Intelligent Bio Solutions Inc. will post -5.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Zacks Research raised shares of Intelligent Bio Solutions to a “hold” rating in a research note on Monday, June 29th. Wall Street Zen lowered shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Intelligent Bio Solutions currently has an average rating of “Reduce”.

Intelligent Bio Solutions Profile

Intelligent Bio Solutions, Inc, through its wholly owned subsidiary, is focused on the design, development and marketing of rapid, real-time detection and identification systems for foodborne and environmental pathogens. The company’s flagship product, the RAPID-B System, integrates patented biosensor and fluorescence technologies to detect viable microorganisms in a fraction of the time required by traditional culture-based testing methods. This approach enables food processors, beverage producers, environmental testing laboratories and homeland security agencies to identify contaminants such as Escherichia coli O157:H7, Salmonella spp.