Innovative Industrial Properties Inc (NASDAQ:IIPR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

Separately, Ladenburg Thalmann Financial Services reaffirmed a “buy” rating on shares of Innovative Industrial Properties in a research report on Friday.

Innovative Industrial Properties (NASDAQ:IIPR) traded up 2.19% during midday trading on Tuesday, reaching $19.17. 36,655 shares of the company’s stock traded hands. The stock’s market cap is $67.11 million. Innovative Industrial Properties has a one year low of $14.50 and a one year high of $20.52. The stock’s 50 day moving average price is $18.25 and its 200-day moving average price is $17.58.

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A hedge fund recently raised its stake in Innovative Industrial Properties stock. Vanguard Group Inc. grew its stake in shares of Innovative Industrial Properties Inc (NASDAQ:IIPR) by 21.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,013 shares of the company’s stock after buying an additional 27,258 shares during the period. Vanguard Group Inc. owned 4.34% of Innovative Industrial Properties worth $2,563,000 at the end of the most recent reporting period.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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