Intellipharmaceutics International Inc. (IPCI) Hits New 1-Year Low After Analyst Downgrade
Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) hit a new 52-week low during mid-day trading on Thursday after ValuEngine downgraded the stock from a hold rating to a sell rating. The stock traded as low as $1.42 and last traded at $1.36, with a volume of 2,910,261 shares. The stock had previously closed at $2.49.
Several other equities research analysts also recently issued reports on the stock. Maxim Group restated a “buy” rating and issued a $6.00 price objective on shares of Intellipharmaceutics International in a research note on Friday, June 30th. Zacks Investment Research upgraded shares of Intellipharmaceutics International from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research note on Monday, April 17th. Finally, Aegis downgraded shares of Intellipharmaceutics International from a “buy” rating to a “hold” rating and decreased their price target for the stock from $8.00 to $2.00 in a research note on Wednesday, April 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $3.63.
An institutional investor recently raised its position in Intellipharmaceutics International stock. First Foundation Advisors raised its position in Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) by 172.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,592 shares of the company’s stock after buying an additional 173,692 shares during the period. First Foundation Advisors owned about 0.90% of Intellipharmaceutics International worth $686,000 at the end of the most recent reporting period. 3.86% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50-day moving average price is $2.26 and its 200 day moving average price is $2.31. The company’s market capitalization is $35.77 million.
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About Intellipharmaceutics International
Intellipharmaceutics International Inc is a Canada-based pharmaceutical company engaged 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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