Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) was the recipient of a large decrease in short interest in September. As of September 29th, there was short interest totalling 1,239,442 shares, a decrease of 57.7% from the September 15th total of 2,932,911 shares. Based on an average trading volume of 476,058 shares, the short-interest ratio is presently 2.6 days. Approximately 5.1% of the company’s stock are sold short.
An institutional investor recently raised its position in Intellipharmaceutics International stock. Argent Trust Co increased its holdings in Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) by 52.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,693 shares of the company’s stock after buying an additional 20,556 shares during the period. Argent Trust Co owned about 0.20% of Intellipharmaceutics International worth $125,000 as of its most recent filing with the Securities & Exchange Commission. 3.47% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on IPCI. Maxim Group reissued a “buy” rating and issued a $6.00 target price on shares of Intellipharmaceutics International in a research report on Friday, June 30th. Zacks Investment Research lowered Intellipharmaceutics International from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. ValuEngine lowered Intellipharmaceutics International from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Finally, Mackie raised Intellipharmaceutics International to a “hold” rating and raised their price objective for the company from $1.00 to $3.10 in a research report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $2.37.
Intellipharmaceutics International (IPCI) opened at 0.91 on Friday. The company’s 50-day moving average price is $1.01 and its 200-day moving average price is $1.65. The company’s market cap is $28.28 million. Intellipharmaceutics International has a 52-week low of $0.81 and a 52-week high of $3.35.
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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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