Inotiv (US:NOTV) Chief Operating Officer John Beattie on Tuesday bought 8,900 shares of company stock, at $22.34 per share, or $198,000, according to a US Securities & Exchange Commission filing.

Beattie previously bought 1,000 shares at $23.87 in February and owns 51,694 shares. Inotiv (U.S.:NOTV) shares fell three cents to $22.60 on Wednesday after weathering Monday’s rout better than most.

That data distills to give the company a bullish 94.72 Fintel ownership accumulation score and ranks it 31st of 11,490 screened companies.

Inotiv’s shares bottomed in mid July after it settled with federal regulators at the US Justice and Agriculture Departments and resolved civil and administrative investigations of its Envigo subsidiary’s Cumberland County, Virginia, animal facility.

Envigo ran a medical dog breeding facility targeted by federal regulators and was amenable to closing the site, according to June court filings.

The settlement news put some support under the shares into an August 10 earnings report.

But, the company posted a $3.7 million loss last quarter despite operating profitability after recording $8.4 million of interest rate expenses. The company earned $2.6 million in the year ago quarter.

Inotiv’s revenues more than 650% over a year ago, to $172.7 million, 22% ahead of forecast. Increased consumer demand, strong pricing and increment revenue from acquisitions drove the gain.

The group generated adjusted EBITDA of $37.0 million, rising significantly from $2.2 million in the prior year.

Backlog on the balance sheet grew 7.1% from the figure reported on June 30, 2022.

Management upgraded full-year revenue guidance to a minimum of $550 million, an 8% upgrade from the $510 million prior forecast.

Matt Hewitt from Craig-Hallum Capital believes the strong results showed a company resistant to headwinds buffeting other pharma/biotech companies.

Hewitt believes Inotiv is transforming from a bankruptcy-bound, minor player to a full-service provider expanding capabilities. The firm remains ‘buy-rated on the stock with a bullish $64 target.

Fintel’s options market analysis suggests sentiment for the stock turned bullish after the settlement, and the put/call ratio dropped under 1. This ratio is derived by analyzing all disclosed put and call options in the market for a stock.

Sentiment in the options market turned negative over the June to July period in 2022 after a short rally occurred in May.

This article originally appeared on Fintel

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