Maxim Group Thinks IntelGenx Technologies’ Stock is Going to Recover

By Carrie Williams

Maxim Group analyst Jason McCarthy maintained a Buy rating on IntelGenx Technologies (IGXTResearch Report) today and set a price target of $2. The company’s shares closed yesterday at $0.60, close to its 52-week low of $0.55.

McCarthy observed:

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

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for IntelGenx Technologies with a $2.25 average price target.

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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 $2.4 million. In comparison, last year the company had a GAAP net loss of $782K.

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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.