Maxim Group Maintains Their Buy Rating on IntelGenx Technologies (IGXT)

By Jason Carr

Maxim Group analyst Jason McCarthy maintained a Buy rating on IntelGenx Technologies (IGXTResearch Report) yesterday and set a price target of $1.50. The company’s shares closed yesterday at $0.41, close to its 52-week low of $0.39.

McCarthy observed:

“IntelGenX reported 2Q19 revenue of $197k, a net loss of ($2.5M) and ended the period with $6.1M in cash on the balance sheet. At the current burn rate, the company should have runway into early 2020 though it’s likely the company needs to raise capital (assumed in our model).”

According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -24.4% and a 20.5% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Hancock Jaffe Laboratories Inc, Aridis Pharmaceuticals Inc, and Achieve Life Sciences Inc.

IntelGenx Technologies has an analyst consensus of Moderate Buy, with a price target consensus of $1.50.

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Based on IntelGenx Technologies’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.6 million. In comparison, last year the company had a GAAP net loss of $2.4 million.

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IntelGenx Technologies Corp. is a oral drug delivery company, which focuses on the development and manufacturing of pharmaceutical oral films based on its proprietary VersaFilm technology platform. Its products include rizaport, tadalafil, loxapine, and montelukast.