Shares of IntelliPharmaCeutics Intl Inc (NASDAQ:IPCI) (TSE:I) fell 9.1% during trading on Monday . The stock traded as low as $0.66 and last traded at $0.70. 966,100 shares traded hands during mid-day trading, an increase of 90% from the average session volume of 507,473 shares. The stock had previously closed at $0.77.
Several brokerages have recently commented on IPCI. Maxim Group downgraded IntelliPharmaCeutics Intl from a “buy” rating to a “hold” rating in a research note on Friday. HC Wainwright set a $3.00 target price on IntelliPharmaCeutics Intl and gave the company a “buy” rating in a research note on Monday, February 12th. Finally, Zacks Investment Research downgraded IntelliPharmaCeutics Intl from a “hold” rating to a “sell” rating in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. IntelliPharmaCeutics Intl presently has an average rating of “Hold” and a consensus price target of $2.53.
Several institutional investors and hedge funds have recently modified their holdings of the company. Advisor Group Inc. grew its stake in shares of IntelliPharmaCeutics Intl by 57.7% in the 2nd quarter. Advisor Group Inc. now owns 47,409 shares of the company’s stock valued at $100,000 after buying an additional 17,342 shares during the period. Sabby Management LLC acquired a new stake in shares of IntelliPharmaCeutics Intl in the 4th quarter valued at about $867,000. Finally, Armistice Capital LLC acquired a new stake in shares of IntelliPharmaCeutics Intl in the 4th quarter valued at about $1,549,000. Institutional investors own 3.33% of the company’s stock.
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IntelliPharmaCeutics Intl 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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