Ladenburg's Daniel Donlan just issued a 'buy' rating on shares of Innovative Industrial Properties (NYSE:IIPR) alongside a price target of $34.00 per share.
With a last trade price of $30.87 for shares of IIPR, this price target represents over 10% potential upside.
Recently, Innovative Industrial Properties announced the pricing of an underwritten public offering of 2,800,000 shares of its common stock at $26.00 per share for gross proceeds of approximately $72.8 million. The company also granted the underwriters a 30-day option to purchase up to an additional 420,000 shares of its common stock to cover overallotments, if any.
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