Inotiv Inc at 2-year low as non-human primates supplier under scanner

Inotiv

18/11/2022 17:54

** Shares of contract drug researcher Inotiv Inc  NOTV.O 
fall as much as 35% to $4.45, hit more than 2-year low after a
2-session decline
    ** On Thursday, NOTV slumped 57% after disclosing that
executives at its main supplier in Cambodia were charged of
violations of U.S. endangered species law for illegally
importing non-human primates (NHP)
    ** Brokerage Jefferies slashes PT to $10 from $27, sees
worst case scenario of ~40% hit to Q3 core business
    ** Supplier represents ~70% of company's NHP imports, and
NHPs represent ~30% of Inotiv's revenue - brokerage
    ** NHPs are essential in animal models in biomedical
research
    **Including session's losses, stock down ~89% YTD
 (Reporting by Sriparna Roy)
 ((sriparna.roy@thomsonreuters.com))