Shares of IntelliPharmaCeutics International Inc. jumped again Wednesday before markets opened, as the generic drug developer continued a strong week that started with a key product approval.
The Canadian company said Monday that the Food and Drug Administration gave final approval to 15- and 30-milligram doses of its generic version of the Novartis attention deficit-hyperactivity disorder treatment Focalin XR. Intellipharmaceutics will have about six months of marketing exclusivity for the 15-milligram dose.
It said the extended-release capsules will be launched immediately in the United States by its commercialization partner, Par Pharmaceuticals Inc.
The exclusivity period for the 15-milligram dose was unexpected, according to Roth Capital Partners analyst Scott Henry. He said in a research note that he estimates that the dose could book more than $34 million in sales during that window. Henry raised his price target on the shares to $6 from $4.50.
Maxim Group analyst Jason Kolbert also raised his price target on the stock to $9 from $7.
IntelliPharmaCeutics stock climbed 9.3 percent, or 46 cents, to $5.41 Wednesday in pre-market trading. That price had already more than doubled in heavy trading on Tuesday, after closing Monday at $1.89.