IntelliPharmaCeutics Intl (IPCI) Lowered to “Hold” at Maxim Group

IntelliPharmaCeutics Intl (NASDAQ:IPCI) (TSE:I) was downgraded by equities research analysts at Maxim Group from a “buy” rating to a “hold” rating in a research report issued on Friday, reports.

The analysts wrote, “Reported this morning, 4Q17 revenues were $1.08M, down from $1.19M in 3Q17. The company ended the period with $1.9M in cash, but as of February 2018, has just $0.6M in cash. Management expects this to last until June even when considering quarterly profit share payments from Par Pharmaceuticals (private) and Mallinckrodt (MNK – NR). As such, we expect the company will need to raise capital which will likely be dilutive, and along with sequentially lower revenue in 4Q, we downgrade the shares to Hold, from Buy, and remove the price target.””

IPCI has been the topic of several other research reports. Zacks Investment Research raised shares of IntelliPharmaCeutics Intl from a “sell” rating to a “hold” rating in a report on Wednesday, December 13th. HC Wainwright started coverage on shares of IntelliPharmaCeutics Intl in a research note on Friday, January 19th. They set a “buy” rating and a $2.50 price target on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. IntelliPharmaCeutics Intl presently has a consensus rating of “Hold” and an average target price of $2.53.

IntelliPharmaCeutics Intl (NASDAQ IPCI) opened at $0.70 on Friday. IntelliPharmaCeutics Intl has a 1-year low of $0.66 and a 1-year high of $2.92. The company has a market cap of $21.56, a price-to-earnings ratio of -2.05 and a beta of 1.06.

Institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. raised its stake in IntelliPharmaCeutics Intl by 57.7% during the second quarter. Advisor Group Inc. now owns 47,409 shares of the company’s stock valued at $100,000 after purchasing an additional 17,342 shares in the last quarter. Sabby Management LLC purchased a new stake in IntelliPharmaCeutics Intl during the fourth quarter valued at $867,000. Finally, Armistice Capital LLC purchased a new stake in IntelliPharmaCeutics Intl during the fourth quarter valued at $1,549,000. 3.28% of the stock is currently owned by institutional investors.

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About IntelliPharmaCeutics Intl

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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