Zacks Investment Research Upgrades Intellipharmaceutics International Inc. (IPCI) to “Hold”

Intellipharmaceutics International Inc. (NASDAQ:IPCI) (TSE:I) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Intellipharmaceutics International Inc. is engaged in the research, development, and commercialization of controlled-release and targeted pharmaceutical products. Its products include Effexor XR and Protonix. The Company offers products in different stages of development in therapeutic areas, including neurology, cardiovascular, and GIT. Intellipharmaceutics International Inc. was formerly known as IntelliPharmaCeutics Ltd. and is based in Toronto, Canada. “

Other research analysts also recently issued reports about the company. Maxim Group set a $6.00 price target on Intellipharmaceutics International and gave the stock a “buy” rating in a research note on Thursday, May 11th. ValuEngine downgraded Intellipharmaceutics International from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Aegis restated a “hold” rating and issued a $2.00 price target on shares of Intellipharmaceutics International in a research note on Tuesday, April 18th. One investment 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 stock presently has a consensus rating of “Hold” and a consensus target price of $3.63.

Shares of Intellipharmaceutics International (NASDAQ:IPCI) opened at 0.96 on Tuesday. The stock’s market capitalization is $29.35 million. Intellipharmaceutics International has a one year low of $0.81 and a one year high of $3.35. The stock has a 50 day moving average of $1.92 and a 200-day moving average of $2.19.

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A number of hedge funds and other institutional investors have recently bought and sold shares of IPCI. Advisor Group Inc. increased its position in Intellipharmaceutics International by 57.7% in the second 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 last quarter. Argent Trust Co increased its position in Intellipharmaceutics International by 52.5% in the second quarter. Argent Trust Co now owns 59,693 shares of the company’s stock valued at $125,000 after buying an additional 20,556 shares during the last quarter. Finally, First Foundation Advisors increased its position in Intellipharmaceutics International by 172.1% in the first quarter. First Foundation Advisors now owns 274,592 shares of the company’s stock valued at $686,000 after buying an additional 173,692 shares during the last quarter. Institutional investors and hedge funds own 3.86% of the company’s stock.

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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