Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) shares reached a new 52-week low on Wednesday . The stock traded as low as $1.01 and last traded at $1.01, with a volume of 446,236 shares. The stock had previously closed at $1.14.

Several research firms have recently weighed in on IPCI. Zacks Investment Research upgraded Intellipharmaceutics International from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine cut Intellipharmaceutics International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Maxim Group reduced their price objective on Intellipharmaceutics International from $6.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $3.63.

The stock’s market capitalization is $29.04 million. The company’s 50 day moving average price is $1.86 and its 200-day moving average price is $2.17.

A number of institutional investors have recently modified their holdings of IPCI. First Foundation Advisors raised its position in shares of Intellipharmaceutics International by 172.1% in the first quarter. First Foundation Advisors now owns 274,592 shares of the company’s stock worth $686,000 after buying an additional 173,692 shares during the period. Argent Trust Co raised its position in shares of Intellipharmaceutics International by 52.5% in the second quarter. Argent Trust Co now owns 59,693 shares of the company’s stock worth $125,000 after buying an additional 20,556 shares during the period. Finally, Advisor Group Inc. raised its position in shares of Intellipharmaceutics International by 57.7% in the second quarter. Advisor Group Inc. now owns 47,409 shares of the company’s stock worth $100,000 after buying an additional 17,342 shares during the period. Institutional investors own 3.86% of the company’s stock.

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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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