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NEW YORK (TheStreet) -- Intellipharmaceutics (IPCI - Get Report) plunged Wednesday after Maxim Group downgraded the stock to "hold" from "buy" and decreased its price target to $3 from $7.
The firm cited the company's lower-than-expected revenue and greater-than-expected expenses. Maxim also has concerns that Intellipharmaceutics' Abuse Deterrent Technology is no longer different from Teva Pharmaceuticals' (TEVA).
The stock was down 13.91% to $2.91 at 3:38 p.m. More than 1.1 million shares changed hands, compared to the average volume of 186,229.