Intellipharmaceutics International Inc. (NASDAQ:IPCI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Intellipharmaceutics International Inc. is engaged in the research, development, and commercialization of controlled-release and targeted pharmaceutical products. Its products include Effexor XR and Protonix. The Company offers products in different stages of development in therapeutic areas, including neurology, cardiovascular, and GIT. Intellipharmaceutics International Inc. was formerly known as IntelliPharmaCeutics Ltd. and is based in Toronto, Canada. “

Several other brokerages have also recently commented on IPCI. Brean Capital set a $8.00 target price on shares of Intellipharmaceutics International and gave the stock a “buy” rating in a report on Monday. Maxim Group set a $6.00 price target on shares of Intellipharmaceutics International and gave the stock a “buy” rating in a research report on Thursday, October 6th.

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Shares of Intellipharmaceutics International (NASDAQ:IPCI) traded down 2.68% during mid-day trading on Thursday, hitting $2.90. 766,604 shares of the stock traded hands. Intellipharmaceutics International has a one year low of $1.41 and a one year high of $3.33. The firm’s market capitalization is $83.37 million. The company’s 50 day moving average is $2.06 and its 200 day moving average is $1.86.

Intellipharmaceutics International (NASDAQ:IPCI) last announced its earnings results on Wednesday, July 13th. The company reported ($0.08) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Intellipharmaceutics International had a negative net margin of 325.20% and a negative return on equity of 832.00%. On average, equities analysts expect that Intellipharmaceutics International will post ($0.28) EPS for the current fiscal year.

A hedge fund recently bought a new stake in Intellipharmaceutics International stock. Atria Investments LLC bought a new stake in Intellipharmaceutics International Inc. (NASDAQ:IPCI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 67,727 shares of the company’s stock, valued at approximately $106,000. Atria Investments LLC owned about 0.27% of Intellipharmaceutics International at the end of the most recent quarter. 1.30% of the stock is owned by institutional investors.

About Intellipharmaceutics International

Intellipharmaceutics International Inc is a pharmaceutical company specializing in the research, development and manufacture of controlled-release and targeted-release oral solid dosage drugs. The Company’s Hypermatrix technology is a multidimensional controlled-release drug delivery platform that is applied to the development of a range of existing and new pharmaceuticals.

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