Intellipharmaceutics International Inc. (IPCI) Upgraded to “Buy” at Zacks Investment Research
Intellipharmaceutics International Inc. (NASDAQ:IPCI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $3.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.36% from the company’s current price.
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 analysts also recently commented on IPCI. Maxim Group set a $6.00 target price on Intellipharmaceutics International and gave the company a “buy” rating in a research note on Saturday. Brean Capital set a $8.00 target price on Intellipharmaceutics International and gave the company a “buy” rating in a research note on Monday, October 10th.
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Intellipharmaceutics International (NASDAQ:IPCI) traded down 2.91% during mid-day trading on Tuesday, hitting $2.67. The company had a trading volume of 336,514 shares. The firm’s 50 day moving average is $2.14 and its 200 day moving average is $1.87. The company’s market capitalization is $76.75 million. Intellipharmaceutics International has a 52 week low of $1.41 and a 52 week high of $3.33.
Intellipharmaceutics International (NASDAQ:IPCI) last issued its earnings results on Friday, October 14th. The company reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). Intellipharmaceutics International had a negative return on equity of 832.00% and a negative net margin of 371.11%. On average, equities research analysts predict that Intellipharmaceutics International will post ($0.28) EPS for the current year.
An institutional investor recently raised its position in Intellipharmaceutics International stock. Atria Investments LLC raised its position in shares of Intellipharmaceutics International Inc. (NASDAQ:IPCI) by 12.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 75,895 shares of the company’s stock after buying an additional 8,168 shares during the period. Atria Investments LLC owned 0.26% of Intellipharmaceutics International worth $159,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 1.34% of the company’s stock.
Intellipharmaceutics International Company Profile
IntelliPharmaCeutics International Inc is a Canada-based pharmaceutical company specializing in the research, development and manufacture of controlled-release and targeted-release oral solid dosage drugs. Its 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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