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Maxim Group Thinks IntelGenx Technologies’ Stock is Going to Recover


According to The Fly, intelGenx Technologies (IGX), the Healthcare company, has received a rating update from a Wall Street analyst today. The company recieved Buy from Maxim Group’s analyst Jason McCarthy.

McCarthy wrote:

“IntelGenX reported 3Q18 revenue of C$700K and a net loss of ($2.9M). The company ended the period with C$2.2M in cash, excluding C$12M raised in October in an equity offering. With current operating expenses of C$3.3M, we estimate runway into late 2019.”

According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 5.3% and a 40.9% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.

Read also: Why OncoSec Medical (ONCS) Stock Crashed Today

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for IntelGenx Technologies.

Based on IntelGenx Technologies’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$3.1 million. In comparison, last year the company had a GAAP net loss of C$980.1K.

IntelGenx Technologies Corp. engages in the development of novel oral immediate-release and controlled-release products for the pharmaceutical market. Its products include rizaport, tadalafil, loxapine, and montelukast.

The company’s shares closed on Thursday at C$0.79, close to its 52-week low of C$0.77.