Shares of Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) dropped 6.1% during trading on Wednesday . The stock traded as low as $1.01 and last traded at $1.08. Approximately 1,342,861 shares changed hands during trading, an increase of 215% from the average daily volume of 426,209 shares. The stock had previously closed at $1.15.

IPCI has been the topic of several research analyst reports. Maxim Group decreased their target price on Intellipharmaceutics International from $6.00 to $2.00 and set a “buy” rating on the stock in a report on Thursday, July 27th. Mackie upgraded Intellipharmaceutics International to a “hold” rating and increased their target price for the stock from $1.00 to $3.10 in a report on Tuesday, September 26th. Zacks Investment Research upgraded Intellipharmaceutics International from a “sell” rating to a “hold” rating in a report on Tuesday, August 15th. Finally, ValuEngine cut Intellipharmaceutics International from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $3.78.

The stock’s market cap is $33.02 million. The stock’s 50-day moving average is $0.99 and its 200 day moving average is $1.76.

An institutional investor recently raised its position in Intellipharmaceutics International stock. Advisor Group Inc. increased its position in shares of Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) by 57.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,409 shares of the company’s stock after acquiring an additional 17,342 shares during the period. Advisor Group Inc. owned about 0.16% of Intellipharmaceutics International worth $100,000 at the end of the most recent reporting period. 4.24% of the stock is currently owned by institutional investors and hedge funds.

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Intellipharmaceutics International Company Profile

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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