In a research report issued Friday, Maxim analyst Jason Kolbert reiterated a Buy rating on shares of IntelliPharmaCeutics Intl Inc (USA) (NASDAQ :IPCI), with a price target of $6.00, after the drug maker announced it has submitted its New Drug Application (NDA) to the FDA for Rexista extended release tablets for the treatment of patients with chronic low back pain. IPCI shares closed today at $3.15, up $0.15 or 5.00%.
Kolbert noted, “The NDA filing is positive news. The next step will be acceptance (60 days) for Rexista, followed by the PDUFA (6 months from acceptance) date, setting the stage for a partnership opportunity.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a yearly average return of -14.5% and a 27.7% success rate. Kolbert has a 5.9% average return when recommending IPCI, and is ranked #4162 out of 4243 analysts.
All the 3 analysts polled by TipRanks rate Intellipharmaceutics International stock a Buy. With a return potential of 133%, the stock’s consensus target price stands at $7.33.