In a research note released Friday, Aegis analyst Difei Yang reiterated coverage on shares of IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI) with a Buy rating and an $8.00 price target. The note comes after the Canadian drug maker announced that the FDA has accepted its NDA filing for Rexista, the company’s abuse deterrent oxycodone drug.
The filing covers Rexista extended release, abuse deterrent tablets at various strengths: 10, 15, 20, 30, 40, 60, and 80 mg strength tablets. The submission includes data from prior studies: (1) Bioequivalence to Oxycontin was successfully demonstrated in earlier pharmacokinetic studies; (2) A broad display of abuse deterrent attributes, inline with FDA guidelines – submitted with the goal of gaining abuse deterrent labeling.
Yang commented, “While this is a positive step for Intellipharmaceutics, we believe unlikely being a share moving event.”
According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Difei Yang has a yearly average return of 0.1% and a 41% success rate. Yang has a 24.9% average return when recommending IPCI, and is ranked #2660 out of 4375 analysts.
Overall, the 3 analysts polled by TipRanks in the past 12 months rate IPCI a Buy. With a return potential of 145%, the stock’s consensus target price stands at $7.33.