Stock Update (NASDAQ:IPCI): Why IntelliPharmaCeutics Intl Inc (USA) Shares Jumped? Management Has No Clue
IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI) confirms that as of the date of this news release, they are not aware of any corporate developments that would cause the recent movement in the Company’s share price.
Shares of Intellipharmaceutics jumped today over 23% to $2.30. IPCI has a 1-year high of $3.19 and a 1-year low of $1.41. The stock’s 50-day moving average is $1.83 and its 200-day moving average is $1.83.
On the ratings front, IPCI stock has been the subject of a number of recent research reports. In a report issued on July 22, Maxim analyst Jason Kolbert reiterated a Buy rating on IPCI, with a price target of $6.00, which represents a potential upside of 224% from where the stock is currently trading. Separately, on July 6, Brean Capital’s Jonathan Aschoff reiterated a Buy rating on the stock and has a price target of $8.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Jonathan Aschoff have a total average return of -16% and -7.7% respectively. Kolbert has a success rate of 29% and is ranked #4058 out of 4175 analysts, while Aschoff has a success rate of 41% and is ranked #4019.
Intellipharmaceutics International, Inc. is a pharmaceutical company, which engages in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. Its patented Hypermatrix technology is a multidimensional controlled-release drug delivery platform that can be applied to the development of existing and new pharmaceuticals in the areas of neurology, cardiovascular, gastrointestinal tract, diabetes and pain.